Sony and Universal Music Plans to Release Bob Dylan NFTs on SnowCrash Marketplace

Snowcrash, in collaboration with Sony Music Entertainment and Universal Music Group, has unveiled its first NFT trading platform.

Snowcrash announced the debut of its NFT trading platform as well as a collaboration with Sony Music Entertainment and Universal Music. Bob Dylan is not the creator of the company, according to speculations, but two persons close to the 80-year-old are. His son, movie and music video director Jesse Dylan, and Bob Dylan Music Company President Jeff Rosen are among them. Walter de Brouwer, the team's crypto expert and an adjunct professor at Stanford, is the other co-founder.

“With Snowcrash, we have found a perfect opportunity where the entertainment community, Silicon Valley and Wall Street all come together to create opportunities for artists and organizations impacting the world today,” said de Brouwer.

NFTs have caught the interest of the music industry as a means of monetizing artists and content, with singers such as Dolly Parton, Steve Aoki, and Nas creating NFT-focused brands.

“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,” said Dennis Kooker, Sony’s president of global digital business.

Other Solana-based NFT marketplaces, such as Solanart and Solsea, will compete with Snowcrash. Last month, OpenSea, the largest NFT marketplace, witnessed approximately $3.6 billion in sales, but it only sells NFTs created on the Ethereum and Polygon blockchains right now. (Solana NFTs may be coming soon to OpenSea.)

The addition of Sony and Universal to Snowcrash is just the latest example of major labels embracing Web3. Warner Music Group recently announced a partnership with Splinterlands, a blockchain gaming business, mentioning its plans to get its musicians involved in play-to-earn games.