Sony Music Entertainment, a music giant, based in the United States, is showing interest in non-fungible tokens (NFTs). The company has shown interest in venturing into NFTs after a trademark application focused on different areas, such as music and artists.
Sony Music ventures into NFTs
A trademark application filed on August 30 to the US Patent and Trademark Office (USPTO) covers recordings on both audio and video, and it also features live musical performances verified by NFTs.
The trademark application will also cover many areas, such as marketing services, distribution, online entertainment, promotion, and marketing. The application will also cover different services, such as podcasts and audiovisual recordings.
The new trademark application was filed after Sony Music Entertainment ventured into NFT projects. The NFT projects supported by Sony Music show increased interest by traditional entertainment companies to venture into the web 3.0 & crypto industry while embracing innovation.
Last month, MakersPlace, an NFT market project geared towards supporting digital art, received $30 million in a Series A funding round. The funding round was supported by some leading companies such as Pantera Capital, Bessemer Venture Partners, Coinbase Ventures, and Sony Music Entertainment.
The funding round follows a period of increased interest by venture capital companies in the Web3 sector. While funding into crypto firms has slowed, web 3.0 NFT and gaming companies have received an influx of funding from VCs who are optimistic about the sector’s growth.
Sony’s participation in the funding round is not the only thing the music company is doing to embrace innovation. In March, the music company announced a partnership deal with Snowcrash, an NFT marketplace based on the Solana blockchain.
Entertainment industry is moving into NFTs
Sony is not the only music company looking toward innovation in the NFT sector. Universal Music Group, a leading competitor of Sony, is also adopting NFTs. The Universal Music Group has announced the release of the Bob Dylan and Miles Davis NFT collection. The collections were released in 2022, and there were plans to release more collections.
NFTs and the metaverse have become increasingly popular. These two areas have attracted multiple players in the music and entertainment sector. On August 29, the MTV Video Music Awards included major features depicting the metaverse and NFT offerings. The MTV Video Music Awards included a performance by Eminem and Snoop Dogg.
The two performed their new single on the Otherside metaverse created by Yuga Labs. Yuga Labs is the company behind the Bored Ape Yacht Club (BAYC) NFTs. Eminem, Snoop Dogg, and other artists have also bought BAYC NFTs, some of the most valuable in the NFT market.
Eminem and Snoop Dogg were also behind the release of a song known as “From the D to the LBC” the song was released in June and featured two BAYC avatars that the two artists own. The song’s release triggered buzz on the utility offered by some NFTs, such as BAYC.
The recently held MTV Video Music Awards also had a new award category known as the Best Metaverse Performance. The performance featured nominations for six acts during its inaugural year. The winners in the category included Ariana Grande, Blackpink, BTS, Charli XCX, Justin Bieber, and Twenty One Pilots.
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