Sony Music has registered trademarks for terms related to NFT and the Metaverse.

Money is an example of a fungible asset since its components are easily interchangeable. For example, swapping a Rs 20 note for two Rs 10 notes with no loss of value.

Non-fungible is an economic term that refers to goods such as your furniture, a music file, a photograph, or a property. These items are not interchangeable with other objects due to their specific characteristics.

Even if an artwork can be replicated or photographed, the original remains more valuable than the copies. As a result, NFTs represent ownership of one-of-a-kind items such as artwork, collectibles, and even real estate.

They can only have one genuine owner at a time and are safeguarded by the Ethereum blockchain, which means that no one can change the ownership record or create a new NFT.

Sony Music Entertainment, a major record company, has filed trademark applications for non-fungible tokens and the Metaverse, according to USPTO-licensed trademark attorney Mike Kondoudis.

The music business behemoth intends to provide digital audio and video recordings of live music concerts. Non-fungible tokens are used to validate these recordings.

Sony Music aims to distribute music tracks as NFTs, according to the application. A separate file lists entertainment and marketing services for artists and their records.

Non-fungible tokens are similar to traditional cryptocurrencies in that they are used to store artwork, video, music, and tickets instead of currency. They are already transforming other industries, including music.

NFTs can be sold on the blockchain as music recordings represented by unique tokens. Several musicians have already entered the NFT scene. In March, Kings of Leon became the first band to release an album in the form of an NFT.

Muse made history earlier this month when their limited edition NFT release of "Will of the People" became the first act to top the UK music chart. Notably, the album was also released in traditional media.

The Weeknd used NFTs and Web3 components into her global tour after striking a collaboration with the Binance exchange.

According to U.Today, Universal Music Group, another prominent label that manages Taylor Swift and other celebrities, purchased an NFT from the Bored Ape Yacht Club NFT collection in March.

However, why are NFTs so common?

Non-fungible tokens are collectible digital assets generated with blockchain technology. The blockchain, which is also used by cryptocurrencies such as bitcoin, creates a permanent, publicly available record of timestamped decentralized data.

NFTs, sometimes known as nifties, are virtual currency that reflect real-world things such as art, music, and in-game items. They are often encoded with the same underlying software as the bulk of cryptocurrencies and are primarily acquired and sold online with cryptocurrencies.

NFTs are often acquired with the cryptocurrency Ether or US dollars, and the blockchain keeps a record of all transactions. While anybody can view NFTs, only the purchaser has official ownership status - sort of like digital bragging rights.