Universal and Sony invested $550m purchasing Bob Dylan’s music rights. Now they’re making NFTs with him.
Over the past couple of years, Universal Music Group [2,594 articles]”>Universal Music Group and Sony Music Group [185 articles]”>Sony Music Group have collectively sprinkled over half a billion dollars on Bob Dylan’s copyrights.
UMG invested someplace close to $400 million on his tune brochure in 2020, while Sony [1,525 articles]”>Sony purchased his tape-recorded music rights for north of $150 million last year.
Now, the 2 majors are partnering on an NFT job established by Bob Dylan.
The brand-new NFT trading platform is called Snowcrash and it was likewise co-founded by Dylan’s boy, filmmaker Jesse Dylan; Walter De Brouwer, who is explained as “a leader” in monetary engineering, decentralized financing, and NFTs, as well as homeentertainment executive, Jeff Rosen.
Snowcrash hasactually been formed in collaboration with Sony Music Entertainment [1,134 articles]”>Sony Music Entertainment and UMG, and, according to a media declaration, intends to “bring together varied sections of innovation, the innovative arts and digital development”.
If the name ‘Snowcrash’ sounds familiar, that’s since Snow Crash is the name of the prominent 1992 science fiction unique, by author Neal Stephenson, who created the now widely-used web3 term ‘metaverse’.
According to Snowcrash’s site, the platform thinks that “Web 3.0 will push devices to the center and people to the edge (now we have humanbeings at the center and makers at the edge)”.
It includes: “This turnaround suggests the buildingandconstruction of a digital twin of the natural world (from 1 to 1′). Turning atoms into bits has now endedupbeing possible duetothefactthat of non-fungibility and DeFi as the crypto-economy of the Metaverse.”
NFTs currently slated for release by the platform this year will come from Bob Dylan and Miles Davis, as well as emerging artist Varvara (who reimagines the paintings of John James Audubon).
Further jobs with partners will be revealed in the coming months.
Snowcrash states that its work likewise goes beyond its own NFT store, with one such effort currently active. Leveraging a veteran relationship of Jesse Dylan-founded Wondros, Snowcrash justrecently partnered with UNICEF on NFTs commemorating the 75th anniversary of the company.
Snowcrash describes that its platform runs on the Solana blockchain and is owned by a Delaware-based business called Snowcrash Markets Inc.
The platform “started as an concept in March 2021, was integrated in May 2021, and started operations in November 2021,” according to Snowcrash.
Snowcrash likewise states that it has wentinto a joint endeavor with cryptocurrency exchange FTX and is a tactical partner of Solana Labs, the makers of Metaplex.
FTX justrecently raised $420 million at a $25 billion evaluation and signed up Stephen Curry and NFL stars Tom Brady and Trevor Lawrence as its international ambassadors and investors.
Elsewhere on the Snowcrash platform’s site, it states that, as part of its ‘Belief System’, that “Decentralization is the uncompromising and callous repercussion of the 2009 Satoshi paper”.
It includes: “As long as there is something central, it is in threat of disappearance, hacking or censoring. If we desire to develop things that holdupagainst time we have to decentralize them.”
“With Snowcrash, we haveactually discovered a best chance where the homeentertainment neighborhood, Silicon Valley and Wall Street all come together to produce chances for artists and companies affecting the world today.”
Walter De Brouwer
De Brouwer stated: “With Snowcrash, we haveactually discovered a best chance where the homeentertainment neighborhood, Silicon Valley and Wall Street all come together to develop chances for artists and companies affecting the world today.
“We have likewise introduced the platform on the Solana blockchain, which is a much muchbetter option for the environment.”
“I think we haveactually seen simply the idea of the iceberg in this emerging area.”
Jesse Dylan stated: “By developing Snowcrash, we have a platform that brings artists together with impactful companies. I think we haveactually seen simply the suggestion of the iceberg in this emerging area.”
“Snowcrash is a appealing brand-new NFT market with strong management connections to the music neighborhood, knowledgeable innovation vision and separated internal imaginative abilities.”
Dennis Kooker, Sony Music Entertainment
Dennis Kooker, President, Global Digital Business, Sony Music Entertainment, stated: “Snowcrash is a appealing brand-new NFT market with strong management connections to the music neighborhood, knowledgeable innovation vision and separated internal imaginative abilities.
“We are happy to be partnering with them to determine and establish a variety of chances for our recording artists with a focus on providing available, easytouse experiences for both developers and fans.”
“The all-star group behind Snowcrash, with the extraordinary experience and pointofview that Jeff, Jesse and Walter bring from their differed backgrounds and fields, assures to provide amazing brand-new innovative chances for our worldwide lineup of artists and songwriters.”
Michael Nash, Universal Music Group
Michael Nash, EVP, Digital Strategy, Universal Music Group, included: “A crucial part of UMG’s method in this area is to establish artist-focused, premium projects and fan-oriented collectables with first-rate partners, which will makeitpossiblefor our artists and labels to advance their cultural impact at the leadingedge of development.
“The all-star group behind Snowcrash, with the unbelievable experience and viewpoint that Jeff, Jesse and Walter bring from their differed backgrounds and fields, assures to provide amazing brand-new imaginative chances for our international lineup of artists and songwriters.”
Music Business Worldwide