23152

With NFTs and the metaverse being the talk of the town, it is almost impossible to deny that their influence is contagious. This is evident in the way the world’s giant companies key into the idea of bringing their familiar services to the metaverse – and even new ones. And as a result, there is a remarkable metaverse adoption from users, gamers, and fans all over the world. The popularity is incredible.

In the same vein, American music leviathan, Sony Music Entertainment, has filed a trademark application expressing its desire to migrate its trademark into the metaverse. The application – submitted to the United States Patent and Trademark Office (USPTO) – reflected the music company’s plans to go into NFTs and their utilization. 

Succinctly, non-fungible tokens (NFTs) are blockchain-based tokens such as videos, audio, digital artwork, autographs, or photos which are usually linked to digital assets. This implies they are used to represent assets, thereby having real-world values. Additionally, NFTs cannot be replicated. Instead, their ownership can be transferred from one user to another. In essence, no two people can own the same NFT, but one person can transfer an NFT’s ownership rights to another.

Sony’s NFT-Based Musical Services

In a recent tweet shared by USPTO-licensed trademarking expert, Michael Kondoudis, Sony Music tabled its intentions before the USPTO on August 30, 2022. The company intends to use the Columbia Records logo for quite some purposes including “downloadable audio and video recordings featuring live musical performances authenticated by non-fungible tokens (NFTs), downloadable image files containing images and artwork relating to live musical performances, … and downloadable multimedia file containing audio relating to music authenticated by non-fungible tokens (NFTs).”

Also, the application encompasses other areas like music promotion, marketing, distribution, and advertisement. Not only that, the trademark will cover Sony Music’s online presence. This will be in form of lyrical and audiovisual releases as well as podcasts.

Another Giant Step

While the application is a welcome idea, it is noteworthy that it is not Sony Music’s first giant step in the NFT space. A popular one among the company’s previous NFT-related endeavors is its contribution to the $30 million fundraising for MakersPlace, a digital art-oriented NFT marketplace. Other contributors in the fundraising include Coinbase VenturesPantera Capital, and Bessemer Venture Partners.

Picture1 6
Many companies are trying to get musical platforms into the metaverse. Can music be integrated into the metaverse? Image Source: Synchtank

Similarly, in March, Sony Music reached an agreement with fellow music giant, Universal Music Group and Snowcrash, an NFT marketplace powered by the Solana network. The partnership was geared towards releasing Bob Dylan and Miles Davis NFT Collections later this year while having the future in mind.

The Metaverse Can Accommodate as Many Musical Platforms as Possible

Picture2 5
Artists and record labels can influence the virtual space by hosting live performances and concerts in the metaverse. Image Source: Scene Noise

The NFT space constantly expands, allowing more companies to introduce exclusive services. Given the endless opportunities in the metaverse, music is one feature that every user and fan wants to enjoy virtually. As a result, big music companies have decided that it is high time they brought music closer to the people. 

Through virtual live performances, music lovers can enjoy the thrills and emotions from any angle, anywhere in the world. For instance, on August 29, the MTV Video Music Awards became one of the first music industry networks to launch a completely live virtual music awards show. Basically, the experience stirred more interest in the fans as they were really part of the show.

Also, the MTV Video Music Awards ceremony unveiled Best Metaverse Performance, a new award category. The debut featured six nominees, including Justin Bieber, Twenty-One Pilots, Ariana Grande, BTS, Charli XCX, and the winner, Blackpink.

Additionally, artists will be able to hold virtual concerts. With the recent release of well-designed play-to-earn games, especially those that allow players to build their empires like Decentraland, players can attend these concerts. This makes the virtual world more fun to be in and the artists more fun to be with.

Picture3 4
As music is gradually introduced into the metaverse, users can become fully involved in all activities, including red carpet entries and stage viewing. Image Source: Alternative Press Magazine

NFTs Impact

Ever since NFTs came into spotlight, things have really escalated. A lot of people are surprised at how mere photos of apes, dogs, dummies, and skulls fetched their owners millions of dollars. Well, that is because they are worth the value.

Picture4 2
NFTs are cryptographic tokens that represent assets with real-world value. Image Source: Information Age

You can say that an NFT is anything digital and non-fungible – unique – representing a valued asset. It can be in different forms, including digital artwork, video, audio, picture, and inscription. Also, it cannot be replicated. That means that you can own as many NFTs as you like, but you will not find the exact type of your NFTs elsewhere. Simply put, a non-fungible token (NFT) is one of a kind.

Furthermore, NFTs are tradable. You can transfer ownership rights to another person based on agreed terms, including sales or NFT exchange. This also confirms the fact that NFTs are non-fungible. You can only get any other commodity like money, cryptocurrencies, or different NFTs in exchange for your token, but not the second type of it. Interesting, isn’t it? Of course, it is!

Any investment/financial opinions expressed by Play to Earn Diary are not recommendations. Our content is for educational purposes only. If you plan to invest in any game or cryptocurrency then please do your own research and only spend what you can afford to lose.

This site contains affiliate links. We may receive a commission for transactions made through these links.

Trade Bitcoin With Paxful

Join the leading peer-to-peer platform to buy and sell Bitcoin using 350+ payment methods!

Related posts