Sony Music Entertainment Files NFT Patent To Validate Its Music
Written by WOM writer on September 8, 2022
Non-fungible token (NFTs) and virtual world “Metaverse” sectors are increasingly becoming popular in the past several weeks. These sectors attract many notable people, institutions, and brands alike.
American music studio, Sony Music Entertainment, is the latest music brand to signal intentions to utilize non-fungible tokens (NFTs) to authenticate its music. Sony Music Entertainment has filed a trademark application that covers music and artists under the Columbia Records logo.
Sony Music Entertainment Eyes The Metaverse
In a September 6 blog post, Mike Kondoudis, an Intellectual property attorney, confirmed that Sony Music Entertainment filed a trademark application to the United States Patent and Trademark Office (USPTO) on August 30, 2022.
#SonyMusic has filed a trademark application for the Columbia Records logo claiming plans to use it for:
▶️ NFT Backed Media
▶️ Music + Podcast Production
▶️ Artist Management + Music distribution services
..and more!#NFTs #Metaverse #Web3 #Columbiarecords #Pop #Rock #Hiphop pic.twitter.com/xY7kRMgo1m— Mike Kondoudis (@KondoudisLaw) September 6, 2022
The trademark filing announcement comes the same week Kondoudis shared a short data analysis showing that the number of individuals and institutions applying for trademarks with USPTO has increased this year compared to last year.
According to Kondoudis, the trademark application will allow Sony Music to leverage NFTs to authenticate its audio, video recordings and live music performances. The application also covers marketing services, promotion, distribution, marketing, advertising, and online entertainment, including podcasts and audiovisual recordings.
Notably, it’s not the first time the music studio will be seeding in the crypto market. In August 2022, Sony Music Entertainment participated in a Series A funding round for an NFT digital art firm MakersPlace.
At the time, the finding initiative saw the participation of notable capital venture firms, including Pantera Capital, Bessemer Venture Partners, Coinbase Ventures, and Sony Music Entertainment. The funding round secured $30 million.
In March, the music company also announced a partnership with Solana-based NFT marketplace, Snowcrash and fellow music behemoth Universal Music Group to unleash Bob Dylan and Miles Davis’ NFT collection.
Sony Music Appears Following MTV Footprints
Based on its trademark application, Sony Music Entertainment reportedly appears to be following the footprints of MTV, which recently integrated non-fungible tokens (NFTs) to power live metaverse performance.
On August 29, MTV prepared Video Music Awards (VMA) that brought together global contemporary music celebrities, including Snoop Dogg, Eminem, Ariana Grande, Justin Bieber, Charli XCX, Twenty One Pilots, BTS, and Blackpink.
The highly-awaited event saw Snoop Dogg and Eminem appearing in their Bored Apes Yacht Club (BAYC) NFTs while performing their single song “From the D to the LBC” in the Yuga Lab’s Otherside Metaverse, the same company behind BAYC NFTs.
During the event, MTV’s Video Music Award also debuted a new award category for best metaverse performance, which featured nominations for six different acts in its inaugural year, which eventually won.
In related developments, Tamadoge, an NFT and Metaverse-related platform, continues flourishing amid the meltdown of the crypto market that has left flagship crypto “Bitcoin” trading below $20,000. Tamadoge has already raised more than $12.9 million from its token presale.
Source: Business2community.
