Solana-powered NFT marketplace Snowcrash reportedly revealed that Sony Music and Universal Music Group – two high-profile music labels globally – officially forged an alliance with the upcoming platform.

Specifically, both music labels will reportedly introduce Bob Dylan and Miles Davis NFT collections later 2022, prior to integration with a larger scale with their rosters of artists. 

Jesse Dylan, is reportedly the co-founder of the Snowcrash marketplace, which reportedly takes its name from Neal Stephenson’s 1992 sci-fi novel, which also came up with the term Metaverse.

Bob Dylan reportedly serves as a high-profile investment by both labels – UMG invested approximately $400 million on his song catalog two years ago, while Sony purchased his recorded music rights for a price of over $150 million in 2021. 

Dylan the younger stipulated that the existing market for NFTs is only “the tip of the iceberg”, and that he leans towards the Solana blockchain rather than the Ethereum network to release the platform, as it offers more perks to the environment, per his point of view. 

Snowcrash will reportedly compete with different current Solana-powered NFT marketplaces, nominally MagicEden and Solanart – the two leading exchanges in terms of trading volume on the chain.

Dennis Kooker, Sony’s president of digital business reportedly revealed that Sony Music is collaborating with Snowcrash to “develop a range of opportunities for our recording artists with a focus on delivering accessible, user-friendly experiences for both creators and fans.”

Sharing a similar attitude with this note, Michael Nash, the executive vice president of Universal Music, said, “[NFTs] enable our artists and labels to advance their cultural influence at the forefront of innovation.”

Snowcrash also has a joint venture with cryptocurrency exchange FTX and is a strategic partner of Solana Labs.