Sony’s jumping into the music NFT craze with its public blockchain platform, Soneium.
They’ve just dropped their first collection of music NFTs, teaming up with the onchain record label Coop Records.
The future of music biz?
Soneium shared on X that they’re basically trying to shake up how artists get paid using blockchain tech.
“In collaboration with Soneium, Coop Records is redefining music monetization models.”
This first music NFT collection features unreleased tracks from Tokyo-based producer NUU$HI, and you can snag ’em on Soneium’s NFT marketplace, Sonova.
The 22-minute-long music NFT is going for a cool 0.000777 ETH, and that’s about $2.11. And so far, 644 have been minted. Dope!
Coop Records is all about fair distribution. They’re a community-owned label that’s already moved over 600 songs onchain.
Their goal? To fix the unfair split of profits between labels, streaming platforms, and artists using blockchain tech.
New tech for the new models
Coop Records founder Cooper Turley thinks crypto is finally focusing on the apps, and with tokens at the center, creators and power users will be the biggest winners.
Soneium says that Turley’s vision of fair distribution aligns with their goal of creating an ecosystem where creators get the recognition they deserve.
Sony Block Solutions Labs, Sony’s Singapore-based unit, has said Soneium could be used to protect intellectual rights for creator-generated content and create new ways for creators and fans to share profits fairly.
Enterprise blockchain
Soneium launched its Ethereum Layer 2 mainnet on January 14. Soneium Director and Startale CEO Sota Watanabe tweeted about it, hinting some future direction.
“We are building the internet for entertainment… The next focus will be music.”
While Sony Music Group owns huge labels like Columbia Records and RCA Records, there hasn’t been a crossover between those labels and Soneium yet.
Based on Soneium’s official data, the network has racked up over 248,000 accounts and 1.9 million total addresses participating in the blockchain.
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