Snowcrash, which uses Solana’s Blockchain technology to create decentralized music and media platforms, announced a partnership agreement with Sony Music Entertainment Group and Universal Music Group.
The partnership will enable the artists of the labels to upload music and other digital assets to the Snowcrash platform. These assets can be integrated as non-fungible tokens, NFTs. Snowcrash is built upon the Solana platform which uses Proof of History for an immutable ledger of all events. This allows for secure and transparent recording and distribution of music.
NFTs allow for the tracking of music ownership and royalties payments. Warner recently announced a similar deal with Splinterlands (a new blockchain gaming company).
Snowcrash has partnered with Solana to make it the go-to platform in music distribution and monetization within the crypto and blockchain spaces. Solana’s current version of Snowcrash is the first truly web-scale blockchain. This allows Snowcrash to efficiently and optimally serve its users.
However, the Solana blockchain has been plagued by issues and controversies. Its throughput became choked due to large demand, leading to several network outages.
A couple of NFT collections will be showcased by the partnership with Sony Music, Universal Music group and Miles Davis NFT collection. According to Snowcrash, these two new NFT collections are expected to be available within the year.
Dennis Kooker is the president of Sony Music’s global digital business. He said that they have already begun to plan for a variety of opportunities for their recording artists, with a focus on creating accessible and user-friendly experiences for creators as well as fans.
Snowcrash works with brands, intellectual property owners, artists, and musicians to create a variety of collections, including limited editions, primary drops, streaming rights, streaming rights, digital goods, and streaming rights. Jesse Dylan, a filmmaker, and Walter De Brouwer (decentralized finance pioneer) were the creators of the platform. Jeff Rosen is a veteran entertainment industry executive who was president of Bob Dylan Music Company for three decades.
“With Snowcrash we have found the perfect opportunity where Wall Street, Silicon Valley, and the entertainment industry all come together to create new opportunities for artists and organizations that impact the world today.” De Brouwer also shared that the platform was launched on the Solana Blockchain, which is a better option for the environment.
Snowcrash, a Solana-based NFT market, will compete directly against established platforms such as Solsea and Solanart. This article is not intended to be used for legal, tax, investment or financial advice.