American music company Sony Music Entertainment has expressed its intentions to make use of non-fungible tokens (NFTs) after filing a trademark application for music and artists under the Columbia Records logo, as stated by Cointelegraph.
According to Cointelegraph, going by a trademark application to the United States Patent and Trademark Office (USPTO) shared by trademark attorney Mike Kondoudis, the application focused on audio and video recordings featuring live musical performances authenticated by non-fungible tokens (NFTs). The application has also taken into account marketing services, promotion, distribution, marketing, advertising, and online entertainment, including podcasts and audiovisual recordings. Other Sony Music-supported NFT projects have also been in the making.
On the basis of information by Cointelegraph, in August, MakersPlace, a NFT market for the purpose of digital art, secured $30 million in Series A financing from companies such as Pantera Capital, Bessemer Venture Partners, Coinbase Ventures, and Sony Music Entertainment. In March, the music company entered into a partnership with Solana-based NFT marketplace Snowcrash and music group Universal Music Group for release of Bob Dylan and Miles Davis NFT collections in 2022, with more future-related plans.
Moreover, Cointelegraph noted that, reportedly, NFTs and metaverse have been gaining recognition in the music and entertainment industry. In August, MTV’s Video Music Awards featured online and virtual performances, including Eminem and Snoop Dogg performing their new single in a metaverse created by Yuga Labs, which is the same company backing the Bored Ape Yacht Club NFTs. The song “From the D to the LBC” was released in June, and has the Bored Ape Yacht Club avatars of Eminem and Snoop Dogg. MTV’s Video Music Awards also marked the debut of the new award category for best metaverse performance, which had nominations for six separate categories in it first year, Ariana Grande, Justin Bieber, Charli XCX, Twenty One Pilots, BTS, and Blackpink, who secured the win.
(With insights from Cointelegraph)