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Universal and Sony spent $550 million to buy the music rights to Bob Dylan. Now they are creating NFT with him.

Over the past few years, Universal Music Group and Sony Music Group together spent more than half a billion dollars on the copyrights of Bob Dylan.

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UMG spent nearly 400 million dollars on its song catalog in 2020when Sony buying His record music rights grossed $150 million last year.

Now, the two majors are collaborating on an NFT . project founded by Bob Dylan he himself.

The new NFT trading platform, Snowcrash, was co-founded by Dylan and his son, filmmaker Jesse Dylan. Snowcrash’s other co-founders are Walter De Brouwer, who has been described as a “pioneer” in financial engineering, decentralized finance, and NFTs, as well as entertainment executive, Jeff Rosen .

Snowcrash was established in partnership with Sony Music Entertainment and UMG, and according to a media statement, aim to “bring together diverse segments of technology, creative arts and digital innovation”.

If the name ‘Snowcrash’ sounds familiar, that’s because Snow is the name of Influential 1992 science fiction novelvia author Neal Stephenson, who coined the now widely used web3 term ‘metaverse’.

According to Snowcrash’s websitethe platform believes that “Web 3.0 will push machines to the center and people to the edge (now we have humans at the center and machines at the edge)”.

It added: “This reversal implies the construction of a digital twin of the natural world (from 1 to 1 ). Turning atoms into bits is now possible because of non-fungibility and DeFi is Metaverse’s crypto-economy. ”

The NFTs already slated for release by the platform this year will come from Bob Dylan and Miles Davis, as well as up-and-coming artist Varvara (who reimagined John James Audubon’s paintings).

Further projects with the partners will be announced in the coming months.

Snowcrash says its work extends beyond its own NFT storefront, with one such effort already in the works. Leveraging on Wondros’ longstanding relationship founded by Jesse Dylan, Snowcrash recently partnered with UNICEF on NFTs to celebrate the organization’s 75th anniversary.


Snowcrash explains that its platform runs on the Solana blockchain and is owned by a Delaware-based company called Snowcrash Markets Inc.

The platform “started as an idea in March 2021, consolidated in May 2021, and commenced operations in November 2021,” according to Snowcrash.

Snowcrash also says that they have a joint venture with a crypto exchange FTX and a strategic partner of Solana’s Laboratoryproducer of Metaplex.

FTX recently raised $420 million at a $25 billion valuation and signed up Stephen the curry and NFL stars brave cat and Trevor Lawrence as its global ambassador and shareholder.

Elsewhere on the Snowcrash platform’s website, it states that, as part of the ‘Trust System’, that “Decentralization is the unforgiving and cruel consequence of the 2009 Satoshi paper”.

It adds: “As long as there is something centralized, it runs the risk of disappearing, being hacked or censored. If we want to build things that stand the test of time, we have to decentralize them.”

“With Snowcrash, we found the perfect opportunity where the entertainment community, Silicon Valley and Wall Street come together to create opportunities for artists and organizations that influence the world today. ”

Walter De Brouwer

“With Snowcrash, we found the perfect opportunity where the entertainment community, Silicon Valley and Wall Street come together to create opportunities for artists and organizations to influence,” De Brouwer said. the world today.

“We also launched the platform on the Solana blockchain, which is a much better choice for the environment.”

“I believe we’ve only seen the tip of the iceberg in this emerging space.”

Jesse Dylan

“By creating Snowcrash, we have a platform that brings artists together with influential organizations,” said Jesse Dylan. I believe we have only seen the tip of the iceberg in this emerging space.”

“Snowcrash is a promising new NFT marketplace with strong leadership connections to the music community, experienced technology vision, and distinct in-house creativity.”

Dennis Kooker, Sony Music Entertainment

Dennis Kooker, President, Global Digital Business, Sony Music Entertainment, said: “Snowcrash is a promising new NFT market with strong leadership relationships with the music community, public vision and Experienced technology and distinctive creative ability.

“We are excited to work with them to identify and develop a range of opportunities for our recording artists, focused on providing a friendly, accessible experience for both creators and artists. fan.”

Michael Nash Universal Music Group

“The all-star team behind Snowcrash, with the incredible experience and perspective that Jeff, Jesse and Walter bring from their diverse backgrounds and fields, promises to bring exciting new creative opportunities. for our global roster of artists and musicians.”

Michael Nash, Universal Music Group

Michael Nash, EVP, Digital Strategy, Universal Music Group, added: “A key part of UMG’s strategy in this space has been to develop premium, artist-focused campaigns and collections. This fan-driven practice with world-class partners will enable our artists and brands to drive their cultural influence at the forefront of innovation.

“The all-star team behind Snowcrash, with the incredible experience and perspective that Jeff, Jesse and Walter bring from their diverse backgrounds and fields, promises to bring exciting new creative opportunities. for our global roster of artists and musicians.”

Worldwide music business

https://www.musicbusinessworldwide.com/universal-and-sony-spent-550m-buying-bob-dylans-music-rights-now-theyre-making-nfts-with-him12345/ Universal and Sony spent $550 million to buy the music rights to Bob Dylan. Now they are creating NFT with him.

Fry Electronics Team

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