Sony Music Invests in NFT Marketplace MakersPlace

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NFT marketplace MakersPlace has raised $30 million as part of its Series A funding round from investors including Sony Music Entertainment, Eminem, former Def Jam CEO Paul Rosenberg, and NFT early adopter and DJ 3LAU, the company announced Wednesday (Aug. 4).

It has been an excellent year for MakersPlace, which has so far conducted more than $100 million in transactions this year, including facilitating the $69.3 million sale of Beeple’s Everydays: The First 5000 Days with the storied auction house Christie’s — the most expensive NFT sale in history and the biggest digital artwork sale in history.

The investment into MakersPlace by Sony Music continues the pattern of major labels investing in NFT platforms, as they seek out the next big thing in music. Warner Music Group is an early investor in Dapper Labs, the company behind NBA Top Shot, the popular NFT platform, investing in the startup back in 2019.

The major labels have made it clear that NFTs will be a notable part of their future plans and the rollout strategies around albums moving forward, but the volatility of NFTs alongside environmental issues has pushed the majors into taking a slow and steady approach in both investments and consumer-facing products.

Sony Music did not disclose the size of their investment in MakersPlace.

 
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