Sony Music files for NFT and metaverse related trademarks

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.” 

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.

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.

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.