Decrypt’s Art, Fashion, and Entertainment Hub.
Snowcrash, a startup focused on the Solana blockchain, has announced that Sony Music and Universal Music Group will be a part of its upcoming platform, which later this year is planning Bob Dylan and Miles Davis NFT drops.
NFTs are unique tokens that exist on a blockchain like Ethereum or Solana. The music industry has taken a strong interest in NFTs as a way to further monetize artists and content, with musicians like Dolly Parton, Steve Aoki, Kings of Leon, and 3lau cultivating NFT-focused brands.
Snowcrash will be competing against other Solana-based NFT marketplaces like Solanart and Solsea. OpenSea, the largest NFT marketplace, saw nearly $3.6 billion in sales last month, but currently only offers NFTs minted on the Ethereum and Polygon blockchains. (OpenSea may soon be adding Solana NFTs.)
Sony Music is planning to work with Snowcrash to “develop a range of opportunities for our recording artists with a focus on delivering accessible, user-friendly experiences for both creators and fans,” Dennis Kooker, Sony’s president of global digital business, said in a statement.
Michael Nash, Universal Music’s EVP of Digital Strategy, echoed Kooker’s belief that Snowcrash will provide artists with new opportunities.
Sony and Universal joining Snowcrash is just the latest example of big labels diving into Web3. Warner Music Group recently announced a partnership with blockchain gaming company Splinterlands, citing a desire to get its musicians into play-to-earn games.