Sony’s blockchain platform Soneium has actually introduced its first-ever music NFT collection, including unreleased tracks from Tokyo-based manufacturer NUU$ HI in cooperation with Web3 label Cage Records.
The collection, hosted on Sonova, Soneium’s NFT market, is priced at 0.000777 ETH ($ 2.11), running up until completion of the month, with roughly 124 out of 999,999 NFTs minted up until now.
Soneium, an Ethereum Layer-2 blockchain established by subsidiary Sony Block Solutions Labs, has actually placed itself as a platform for digital content circulation, though adoption stays in its early phases.
On The Other Hand, Cage Records, established by crypto business owner Cooper Turley, has actually formerly brought over 600 tunes on-chain, dealing with artists such as Zeds Dead, San Holo, and Barry Can’t Swim.
The label promotes NFT-based music ownership as an option to conventional market designs in spite of Web3 music money making stopping working to reach continual mainstream adoption.
Music NFTs deal with market obstacles
Turley has actually formerly acknowledged the difficulties of developer money making in crypto, especially in tokenized environments.
” It’s essentially difficult for developers with a high profile to introduce a token, and it not end inadequately for them in today’s market,” he composed in a Thursday post on X.
He included that finest practices for sustainable token-based money making designs do not yet exist which Web3 earnings expectations for developers stay misaligned with financier habits.
While NFTs have actually been promoted as a method for artists to bypass record labels and keep higher control over earnings, sales have actually changed.
Music NFTs saw noteworthy early successes in 2021, consisting of Kings of Leon’s $2 million NFT album release, however the sector has actually considering that had a hard time to attain constant development in the middle of a wider NFT market slump.
Sony’s Web3 growth
Sony has actually been broadening its existence in blockchain facilities, however Soneium’s focus stays mainly speculative.
The platform formally introduced its mainnet on January 14, 2025, following a four-month testnet stage that started in August 2024.
Throughout the test duration, Soneium stated it taped over 14 million user accounts and processed 47 million deals, though its long-lasting adoption stays unpredictable.
The business has actually not yet revealed strategies to incorporate the platform into its broader home entertainment or music organization.
While the NUU$ HI drop belongs to a prepared series of releases on Sonova, it stays uncertain whether Sony will scale its participation in blockchain-based music circulation.
A Soneium agent did not instantly react to Decrypt’s ask for discuss those points.
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