Sony’s Blockchain Platform Launches Music NFT Collection

Soneium, Sony’s blockchain platform, has teamed up with Coop Records to launch its inaugural music NFT collection.

The collaboration introduces a new way for artists to monetize their work through blockchain, with a focus on fairer profit distribution.

The collection features a 22-minute track by NUU$HI, a Tokyo-based producer, and is available for purchase on Soneium’s NFT marketplace, Sonova. Priced at just $2.11 (0.000777 ETH), 644 NFTs have already been minted.

Coop Records, a community-owned label with over 600 songs moved on-chain, aims to solve the longstanding issue of revenue imbalances between artists, labels, and streaming platforms. By embracing blockchain, they believe creators and dedicated fans will have greater control over the monetization process.

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The Soneium network, which launched its Ethereum Layer 2 mainnet in January, shares this vision. Sony’s Singapore-based Block Solutions Labs sees the potential of the platform in protecting intellectual rights and facilitating fairer profit-sharing. Since its launch, Soneium has gained over 248,000 accounts and is building a foundation to revolutionize the music industry.

Although Sony Music Group, which owns labels like Columbia and RCA, has yet to adopt Soneium, the platform is moving forward with bold plans to reshape how music is shared and sold.

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Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.