Sony Music has signaled intentions to make use of NFTs after filing a trademark application in the United States for recordings that would be 'authenticated by non-fungible tokens.'
The application also covers marketing services, promotion, distribution, marketing, advertising, and online entertainment, including podcasts and audiovisual recordings.In August, MakersPlace, an NFT market dedicated to digital art, secured $30 million infrom several notable companies, including Pantera Capital, Bessemer Venture Partners, Coinbase Ventures, and Sony Music Entertainment.
March saw the music company partner with Solana-based NFT marketplace Snowcrash and fellow music behemoth Universal Music Group to release Bob Dylan and Miles DavisNFTs and the Metaverse are slowly becoming more prominent in the music and entertainment industry. MTV’s Video Music Awards on Aug. 29 heavily featured online and virtual performances, including Eminem and Snoop Dogg performing their new single in a Metaverse created by Yuga Labs, the same company behind the Bored Ape Yacht Club.The song"From the D to the LBC” was released in June, and features two Bored Ape Yacht Club avatars owned by Eminem and Snoop Dogg.
MTV’s Video Music Awards also debuted a new award category, Best Metaverse Performance, which featured nominations for six different acts in its inaugural year, Ariana Grande, Justin Bieber, Charli XCX, Twenty One Pilots, BTS, and Blackpink, who eventually won.
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