Sony Music files for NFT and metaverse related trademarks

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9 Sep, 2022 
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The non-fun­gi­ble tokens (NFTs) mar­ket is a grow­ing one with sev­er­al com­pa­nies fil­ing for trade­marks to enter the NFT space. The lat­est big play­er to file a trade­mark appli­ca­tion is Sony Music Entertainment. 

The Amer­i­can music com­pa­ny has filed for an NFT and meta­verse relat­ed trade­mark for cov­er­ing music and artists under the Colum­bia Records logo.

The trade­mark attor­ney Mike Kon­doud­is shared an excerpt from the firm’s appli­ca­tion to the Unit­ed States Patent and Trade­mark Office (USPTO). As per the appli­ca­tion, the fil­ing cov­ers down­load­able audio and video record­ings fea­tur­ing live musi­cal per­for­mances authen­ti­cat­ed by NFTs.” 

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The fil­ing appli­ca­tion also cov­ers mar­ket­ing ser­vices, pro­mo­tion, dis­tri­b­u­tion, adver­tis­ing and online enter­tain­ment, which also includes pod­casts and audio-visu­al recordings.

The new trade­mark appli­ca­tion comes in the back­drop of oth­er Sony Music-backed NFT projects. Ear­li­er in March, the music com­pa­ny part­nered with Solana-based NFT mar­ket­place Snow­crash and fel­low music giant Uni­ver­sal Music Group to release the Bob Dylan and Miles Davis NFT Collection.

Also, Uni­ver­sal Music Group’s Web3 label revealed in March this year that it acquired the Bored Ape Yacht Club (BAYC) NFT #5537 for more than $360,000. The ape was pur­chased to lead a dig­i­tal band called King­ship which was found­ed by Universal’s 10:22PM label, which means that the dig­i­tal band will pro­duce music and deliv­er vir­tu­al per­for­mances in the metaverse.

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Fur­ther­more, pop­u­lar hip-hop artists and BAYC hold­ers Eminem and Snoop Dogg per­formed at the MTV Video Music Awards in August 2022. Notably, this per­for­mance fea­tured the artists per­form­ing as their NFT alter egos in the metaverse.

Ear­li­er this week, the Web3 music mar­ket­place Yel­low­heart announced the first NFT music stream­ing play­er. It also released the first ever NFT album in col­lab­o­ra­tion with Kings of Leon. The music mar­ket­place has also worked with pop­u­lar artists includ­ing ZHU and Maroon 5.

This year, so far, the num­ber of NFT appli­ca­tions has exceed­ed those sub­mit­ted in cryp­to, Web3 and meta­verse space. Until August 2022, more than 5,800 appli­ca­tions and patents relat­ed to NFTs have already reached the USPTO. In 2021 this num­ber was pegged at 2087, which was sig­nif­i­cant­ly low, accord­ing to the data pub­lished by trade­mark and patent attor­ney Michael Kon­doud­is (The Law Office of Michael E. Kon­doud­is) on Sep­tem­ber 6.

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Glob­al recog­ni­tion of dig­i­tal assets is grow­ing. As NFTs make their mark across dif­fer­ent sec­tors, busi­ness­es too are expect­ed to ben­e­fit from NFT-based devel­op­ments. In a study con­duct­ed by Research and Mar­kets, a mar­ket research based com­pa­ny, the glob­al NFT mar­ket is expect­ed to grow from $3 bil­lion in CY2022 to $13.6 bil­lion in CY2027, at a com­pound annu­al growth rate (CAGR) of 35% pro­ject­ed for the fore­cast period. 



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