Sony Music To Utilize NFTs After Filing Trademark Application
Sony Music Entertainment, the American music giant, has signaled intentions to utilize nonfungible tokens (NFTs) after filing a trademark application covering music and artists under the Columbia Records logo.
It has been reported that according to an August 30 trademark application to the United States Patent and Trademark Office (USPTO) shared by trademark attorney Mike Kondoudis on Tuesday, the application covers “audio and video recordings featuring live musical performances authenticated by NFTs.”
However, the application also covers marketing services, promotion, distribution, marketing, advertising, and online entertainment, including podcasts and audiovisual recordings. The new trademark application comes in the wake of several other Sony Music-backed NFT projects.
The report said that in August, MakersPlace, an NFT market dedicated to digital art, secured $30 million in Series A financing from 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 Davis NFT collections at some point in 2022, with plans for more in the future.
Likewise, NFTs and the Metaverse are slowly becoming more prominent in the music and entertainment industry. MTV’s Video Music Awards on August 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.
Thus, 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.