Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
The company wants downloadable audio and video recordings containing live musical performances to be authenticated by NFTs.
The Non-Fungible Token (NFT) industry has found support among various sectors for its ability to connect projects to audiences. One area that has massively taken advantage of it is the music industry. It can be recalled that recording artist Billie Eilish announced her presence in the space with her company Lash Music LLC filing a pair of trademark applications for her name and the Blohsh logo with the United States Patent and Trademark Office (USPTO). The latest to join the list of those interested in the NFT business is the record company Sony Music Entertainment.
According to Mike Kondoudis, USPTO licensed trademark attorney, the company has filed a trademark application for the Columbia Records logo.
“SonyMusic has filed a trademark application for the Columbia Records logo claiming plans to use it for NFT Backed MediaMusic + Podcast ProductionArtist Management + Music distribution services ..and more,” he disclosed.
As captured in the document, the company wants downloadable audio and video recordings containing live musical performances to be authenticated by NFTs. In addition, downloadable image files containing images and artwork, and downloadable multimedia files containing artwork, text, audio, and video relating to live musical performances are to be authenticated by NFTs. The trademark application also cut across entertainment services and promotion. This includes marketing and advertising for artists and promoting music, audio, and video recordings as well as musical services for others. Trademark was also filed for its provision of online entertainment which includes providing downloadable sound and audio-visual recordings relating to music and musical-based entertainment.
The move into NFT would give SONY new ways to monetize their work and provide the grounds for artists to engage with their fans. It is worth mentioning that NFT is similar to cryptos like Bitcoin, Dogecoin, etc. However, they hold projects like artwork and music instead of money. Music can be represented as NFTs in the form of unique tokens based on the blockchain. They can equally be sold on various related marketplaces like OpenSea.
In March, Kings of Leon became the first band to release an album in the form of NFT. The NFT craze is not limited to the music industry as football legend David Beckham’s venture capital firm DB Ventures Limited has had three separate trademark applications filed with the USPTO.