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Sony Music registers trademarks for terms that have to do with NFT and the metaverse.

Sony Music registers trademarks for terms that have to do with NFT and the metaverse.

A fungible asset is something like money that can be used in many different ways. For example, you could trade a Rs 20 note for two Rs 10 notes without losing any value.

The economic term "non-fungible" is used to talk about things like your furniture, a music file, a picture, or a house. Because they are different, these things can't be switched with other things.

Even if a piece of art can be copied or photographed, the original is still more valuable. So, NFTs are a way to show ownership of unique things like art, collectibles, and even real estate.

They can only have one real owner at a time, and the Ethereum blockchain protects them so that no one can change the record of who owns them or make a new NFT.

Mike Kondoudis, an attorney for trademarks who is licensed by the USPTO, says that Sony Music Entertainment, a well-known record label, has applied for trademarks for non-fungible tokens and the Metaverse.

The music industry's biggest company plans to offer digital audio and video recordings of live music shows. Tokens that can't be changed are used to prove that these recordings are real.

The application says that Sony Music plans to sell music tracks as NFTs. In a separate filing, services for artists and their records that include entertainment and marketing are listed.

Non-fungible tokens are similar to traditional cryptocurrencies, but instead of being used to store cash, they are used to store art, video, music, and tickets. Already, they are changing other businesses, like the music business.

NFTs can be sold on the blockchain as music tracks represented by unique tokens. There are already a lot of musicians on the NFT scene. In March, Kings of Leon was the first band to release an album as an NFT.

Muse made history earlier this month when their album "Will of the People" became the first limited edition NFT release to top the UK music chart. Notably, you could also get the record on regular formats.

After working with the Binance exchange to form a partnership, the Weeknd added NFTs and Web3 to her world tour.

U.Today says that in March, another big company, Universal Music Group, which is in charge of Taylor Swift and other A-listers, bought an NFT from the Bored Ape Yacht Club NFT collection.

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But why do NFTs happen so often?

Non-fungible tokens are digital assets that can be collected and are made with blockchain. The blockchain, which is also used by cryptocurrencies like bitcoin, creates a permanent record of decentralized data that is open to the public and includes a time stamp.

NFTs, which are often called "nifties," are like real-world items like art, music, and in-game items. They are mostly bought and sold online with cryptocurrencies, and their coding is usually the same as that of most other cryptocurrencies.

NFTs are usually bought with the cryptocurrency Ether or US dollars, and the blockchain keeps track of all transactions. Even though anyone can look at an NFT, only the person who bought it has the official ownership status. This gives the buyer a kind of digital bragging rights.

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