Snowcrash, a decentralized music and media platform that uses Solana’s blockchain technology, has announced a partnership with Sony Music Entertainment and Universal Music Group.
The partnership will allow the labels' artists to release music and other digital assets on the Snowcrash platform, integrated as non-fungible tokens (NFTs). Snowcrash is built on the Solana platform, which in turn uses Proof of History to create an immutable ledger of events. This allows for the secure and transparent recording of music sales and distribution.
The use of NFTs also makes it possible to track music ownership and royalty payments. This follows a similar move from another major label, Warner, which recently announced a deal with Splinterlands, a burgeoning blockchain gaming firm.
With this new partnership, Snowcrash is positioning itself to become a go-to platform for music distribution and monetization in the crypto and blockchain space. As the world's first truly web-scale blockchain, Solana's current iteration enables Snowcrash to deliver and process its user's needs in an efficient and optimized manner.
The Solana blockchain itself, however, has been rife with issues and controversies, with its throughput becoming choked out due to massive demand, leading to a series of network outages.
The partnership with Sony Music and Universal Music group will showcase a couple of NFT collections that have so far been announced: Bob Dylan and Miles Davis NFT collections. These two new NFT collections will be released within the year, according to a press release from Snowcrash.
According to Dennis Kooker, Sony Music's president of global digital business, they are already making plans that would help "develop a range of opportunities for our recording artists with a focus on delivering accessible, user-friendly experiences for both creators and fans.”
Snowcrash is working with intellectual property holders, brands, and artists to create a slew of collections that include primary drops, limited editions, streaming rights, and digital goods. The platform was created by filmmaker Jesse Dylan, alongside DeFi (decentralized finance) and financial engineering pioneer Walter De Brouwer, as well as Jeff Rosen, a seasoned entertainment industry exec who has been president of the Bob Dylan Music Company since its inception three decades ago.
“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. We have also launched the platform on the Solana blockchain, which is a much better choice for the environment,” De Brouwer shares.
As a new Solana-based NFT marketplace, Snowcrash will be in direct competition against other established platforms on the Solana blockchain such Solanart and Solsea.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.