Sony Music Entertainment (SME) has filed a new trademark application that covers video recordings, text, artwork and audio featuring live music authenticated by NFT. The move signals the American music giant’s intentions to utilize NFT in its core businesses. The trademark application was filed under the Columbia Records logo covering music and artists.
SME, also known as Sony Music, is owned by Japanese conglomerate Sony Group Corporation and managed by Sony’s American subsidiary Sony Entertainment, that focuses most on Sony’s motion picture, music and television businesses.Sony Music is the second largest of the Big Three music companies, trailing behind Universal Music Group but ahead Warner Music Group in the top three league.
Sony Music plans to use the trademark for NFT-backed media, music and podcast production, artist management, music distribution services and much more, according to the application filed with the United States Patent and Trademark Office (USPTO).
According to the trademark application, that was shared publicly by trademark attorney, Mike Kondoudis, it covers downloadable audio and video recordings featuring live musical performances authenticated by NFT, downloadable audio recordings featuring music authenticated by NFT, downloadable image files containing images and artwork related to live musical performances authenticated by NFT and downloadable multimedia files containing artwork, text, audio and video related to live musical performances authenticated by NFT.
Besides, the NFT and Metaverse trademark application of Sony Music also covers post-production services in the field of music and production of podcasts. It covers marketing services, promotion, distribution, artists management, advertising and online entertainment, including podcasts and audio-visual recordings. The new trademark application comes in the wake of several other Sony Music-backed NFT projects.
In August, MakersPlace, an NFT market dedicated to digital art, secured a Series A funding of US $30 million from several notable companies including Sony Music, Coinbase Ventures, Pantera Capital and Bessemer Venture Partners.
The above funding round followed a period of heightened interest by venture capital companies in the Web 3.0 space. While funding in crypto firms has slowed in recent times, NFT and gaming companies have received an influx of funding from venture capital firms, a sign of their optimism about the growth of the sector.
Meanwhile, Sony Music’s participation in the funding round for MakersPlace is not the former’s only initiative in the Web 3.0 space. Earlier in March, Sony Music has partnered with Solana-based NFT marketplace Snowcrash and fellow music giant Universal Music Group to release Bob Dylan and Miles Davis NFT collections in 2022, with plans for more in future.
NFT and metaverse are slowly gaining prominence in the music and entertainment industry in recent times. Last month, the MTV Video Music Awards heavily featured online and virtual performances, including Eminem and Snoop Dogg performing their single in a metaverse created by Yuga Labs, the company behind the popular NFT project Bored Ape Yacht Club (BAYC).
The song “From the D to the LBC” was released in June and has the BAYC avatars of Eminem and Snoop Dogg. This year’s MTV’s Video Music Awards also introduced a new award category for best metaverse performance, which had nominations for six separate acts in its first year. Ariana Grande, Justin Bieber, Charli XCX, Twenty-One Pilots, BTS and Blackpink, eventually won.