Mike Kondoudis, a trademark attorney who is licensed by the USPTO, says that Sony Music Entertainment, a big record company, has filed for trademarks related to non-fungible tokens and the Metaverse.
The huge company in the music business wants to put out live music performances on audio and video recordings that can be downloaded. Tokens that can’t be changed are used to prove that these recordings are real. The filing also says that Sony Music wants to make music tracks in the form of NFTs. In another filing, artists and their recordings as well as services for entertainment and marketing are listed.
Non-fungible tokens are like regular cryptocurrencies, but they don’t hold money. Instead, they hold things like artwork, video, audio, and tickets. Many industries, including the music business, are already being changed by them. NFTs can be sold as music tracks, which are shown on the blockchain as unique tokens. There are already a lot of musicians in the NFT scene.
Kings of Leon was the first band to put out an album as an NFT in March. Muse made history earlier this month when their album “Will of the People.” became the first limited edition NFT to top the UK music chart. It’s important to note that the album was also available on CD and vinyl.
After partnering with the Binance exchange, the Weeknd added NFTs and Web3 elements to her world tour.