Sony launched its first music NFT collection on its blockchain platform, Soneium, consisting of unreleased tracks from the Tokyo-based producer NUU$HI. The initiative, hosted on Sonova, Soneium’s NFT marketplace, is a partnership with the Web3 label Coop Records. The NFT, however, are priced at a lowly 0.000777 ETH (roughly $2.11) each, and the sale will be open until the end of the month. Now, only about 124 of the rare 999,999 NFTs seem to have been minted.
Soneium: Sony’s Foray into Blockchain
Soneium is a Sony Block Solutions Labs developed Ethereum Layer-2 blockchain. It aims to be a web platform for distributing digital content but is still early in its journey. On January 14, 2025, the mainnet went live after a four-month testnet phase that started in August 2024. While testing, Soneium has signed up more than 14 million user accounts and processed a total of 47 million rise transactions, showing strong interest in Sony’s blockchain aspirations.
Coop Records: Pioneering Web3 Music
Coop Records, launched by crypto entrepreneur Cooper Turley, has been at the forefront of getting music on-chain. The label, which has onboarded 600+ songs to date, includes work from artists like Zeds Dead, San Holo, and Barry Can’t Swim. They also push for NFT-based music ownership as a viable alternative to traditional industry models, allowing artists and other creators more influence over their work.
Challenges in the Music NFT Space
However, the music NFT space has still a lot of work to do despite the excitement. But Turley has recognized that monetization of creators in crypto has struggled, particularly in tokenized ecosystems.
“It’s pretty much impossible for high-profile creators to launch a token and have it not end badly for them in this market,” he said.
He also noted that best practices are still developing for sustainable token-based monetization models and that there is frequently a divergence between Web3 revenue expectations for creators and investor behavior.
The Road Ahead for Music NFTs
Although NFTs were heralded as a means for artists to cut out record labels and have more agency over revenue, the road has not exactly been smooth. Music NFTs had some eye-catching early wins in 2021, including Kings of Leon’s $2 million NFT album drop, but the subsector has since battled to find consistent growth in a wider decline of the NFT market. It may the start of a new chapter for Sony in this space with Soneium, but time will tell where this all leads.
Sony’s Expanding Web3 Footprint
Over the past few years, Sony has continued to expand its presence in the blockchain sector. Outside of Soneium, the company has plans to integrate the platform across its entertainment subsidiaries, including those at Sony Pictures, Sony Music and Sony Interactive Entertainment. This integration seeks to provide exclusive NFT-based content experiences, changing the way fans and fans interact.
Final Thoughts
Sony’s launch of Soneium and its first music NFT collection marks a significant step in the convergence of entertainment and blockchain technology. As the platform evolves, it will be interesting to see how it shapes the future of music ownership and fan engagement in the digital age.
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FAQs
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What is Sony’s Soneium?
Soneium is Sony’s Ethereum-based Layer-2 blockchain platform for digital content distribution, such as music NFTs.
What is special about Soneium’s first music NFT collection?
This includes never-known tracks from Tokyo’s own NUU$HI, sold at an extravagantly cheap 0.000777 ETH ($2.11).
Do music nfts help artists and fans?
For example, music NFTs allow artists to bypass traditional record labels, effectively giving them more control over their revenue while also allowing fans to own exclusive digital content in return.
Will Sony’s music NFTs revolutionize the industry?
When their potential becomes massive, the music NFT market is still within a developing phase, global acceptance means challenging.
Glossary of Key Terms
NFT (Non-Fungible Token) – Unique digital assets recorded on a blockchain that represents proof of ownership of music, art, or collectibles.
Ethereum Layer-2 – An underlying structure added to Ethereum that facilitates faster, cheaper transactions.
Blockchain – A distributed digital ledger that securely and transparently records transactions.
Web3: The next stage of the internet, characterized by decentralization, user custody of applications (ownership), and blockchain applications.
Coop Records – A Web3 music label assisting artists in releasing music as NFTs and adopting decentralized ownership.
Sonova – Soneium’s NFT marketplace where the music NFT collection is being sold
Crypto Monetization – Generating revenue using NFT or tokens based on blockchain.
Tokenized Ecosystem — An economy whose assets and interactions are represented with tokens that allow exchanges through blockchain.
References
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