How do you spell the end of a trend?
We are currently witnessing a sharp decline in the market which is becoming more and more disappointing if we look at cryptocurrencies and NFTs.
After the fall of TerraUSD and LUNA, together with the resounding declines of Bitcoin and companions, we also observe a fall in the Non-Fungible-Token sector.
We know that 2021 was the boom year for the non-fungible token sector, with sales exceeding around 225,000 per day!
However, things have changed, as evidenced by The Post :
“Since then, things have changed, as revealed by a much cited and commented article in the Wall Street Journal in recent days in the sector: in the last week of April the number of daily exchanges dropped to about 19 thousand, a decrease of 92%.”
Going from hundreds of thousands of sales per day to a few thousand could easily discourage investors, there is no need for doubt.
But we are talking about digital goods that are looking for approval and, more they will be chosen by famous companies or celebrities, much more it will turn out to have a surge in sales!
An example? Elon Musk recently changed his Twitter profile picture using an avatar from The Bored Ape Yacht Club NFT. The result is that the native token, ApeCoin, saw its value grow by 19% over the next hour!
All of this has been underlined by CNBC, demonstrating how a single character can make a difference for the growth of the NFT sector:
“ApeCoin, the token launched by the creators of Bored Ape Yuga Labs, increased by 19% in one hour around 8:00 am ET to a daily high of $ 17.64 thereafter to Musk’s profile image change, according to Coinbase data.”
Let us never forget that NFTs are relatively recent, but the force with which they are penetrating our society is undeniable.
For this, the last of the most succulent news of the market can not be ignored and concerns the music giant Spotify: NFTs will be part of the streaming platform!
It remains to understand which will be the company’s move and for what purpose it will introduce digital works.
For this reason, below we will try to list the details of the project and identify the advantages with which Spotify seeks to enrich the platform and users.
Spotify: the global giant chooses to focus on NFTs!
Ideas in technology never stop coming to light.
Although NFTs are going through a period of flat calm, with regard to the number of trades down, the most important companies don’t want to leave the industry without first trying to take advantage of it.
Spotify is one of those realities that now is literally settled in our daily life and causes a sensation when decides to enter a market that at the moment does not seem to be growing anymore.
On Music Ally, a Spotify spokesperson said talked about their intention to conduct a test with NFTs and the company’s attitude to experiment:
“We regularly conduct a series of tests in an effort to improve the experiences of artists and fans. Some of these tests end up paving the way for a broader experience and others serve only as a important learning.”
Obviously the main objective that transpires from the intentions of Spotify is to improve the experience of users and artists, trying to introduce novelties useful to both.
For this it is important to underline what the company specifically intends to do with NFTs.
Here’s what Spotify has in mind regarding NFTs
First of all remember that the Swedish music service is experimenting and still nothing is definitive.
The intention is to carry out tests with some artists and NFTs, available for some Android users in the United States with the possibility to observe and purchase some non-fungible tokens by connecting directly to Opensea.
But let’s clarify one thing: Spotify will not sell NFT, but will postpone only to the artist’s marketplace if anyone is interested!
The procedure is quite simple at the moment and the trial test available for some selected ones is better explained on EuroNews:
“In the trial version of Spotify, artists can view NFTs on their profile page. Clicking on them will reveal a collection of NFTs that users can browse and explore, although the platform does not support NFTs. which are GIFs or videos, as reported by The Verge.”
The collection of NFT, relating to the selected artist, is located near the name and description of the artist, just below the list of songs. Clicking it brings up a collection of non-fungible tokens to scroll through.
After that, choose one and see it in a greater version, with a description about it. If you decide to find out more, you will arrive to it by clicking further on the relevant OpenSea page.
Simple isn’t it?
The future of music is blockchain: here is the advantage of NFTs for Spotify users
As already mentioned, the intention of the Swedish platform is not to sell NFT.
The main purpose is to guarantee artists an extra tool to promote their digital works, emphasizing more their presence, both within the Spotify community and outside.
Obviously this also guarantees other users to have all the collections of their favorite artist on an application for everyday use, without having to look elsewhere for his Non-Fungible-Tokens, if interested.
It would be useless to deny the infinite opportunities that have been opened by these special digital tokens and it is normal that companies all over the world want to take advantage of it! At least for now, for Spotify does not require additional costs.
I strongly believe that everything will depend from the result of these tests.
NFT? Famous people who can’t miss with Spotify!
Last but not least, the company accompanies the tests with special guests who obviously could not miss this.
I’m talking about the two top artists who are actively participating in the tests of the music giant, Steve Aoki and The Wombats.
Both are pioneers in the field of NFT collections, fans of technological progress and testimonials of the project as announced by Cryptonomist:
“The two testimonials of what’s happening in Spotify are released by Steve Aoki and The Wombats, the artists participating in the test and the first to adopt NFTs.”
Both have made a lot of talk about Non-Fungible-Token and metaverse.
The Wombats have given life to their “Concert Hall” within the metaverse of The Sandbox, with 3,000 avatars available to watch the ultimate musical experience.
But even Steve Aoki is not joking: the international DJ is rising to prominence in the blockchain market for selling a digital work for the astonishing sum of $ 888,888.88!
Also Instagram is testing with NFTs
Then, not many newcomers to the blockchain industry will know that many other companies are making you feel more and more their presence in the world of tokens.
The most important example eminent is Facebook, or rather the renamed Meta by Mark Zuckenberg!
The billionaire already had announced the integration of NFT with Instagram, but now the project is ready!
Ethereum, Polygon, Solana and Flow seem to be the blockchains that will be used by social media for the introduction of digital works by artists and users.
In addition, digital wallets such as MetaMask will be integrated to allow platform users to show their non-fungible tokens, complete with a certificate of ownership and tags to authors.
The project is in its early stages, of course, but it is already a reality.
Read also: 7 Best NFT Projects to Stay Relevant in Long Run
Signs of crisis with NFTs: Spotify will relaunch the trend?
NFTs may be going through a tough time, but if even a company like Spotify has decided to take this path it would be foolish to think it is a dead end.
Probably, even if we don’t want to, we will end up using them in an almost instinctive way led by the team that will integrate them in an excellent way.
The experts are already launching the first speculations about the project and it is obvious how many of them think that music is the right choice to relaunch NFTs.
Instagram and Spotify are two global giants that do not go unnoticed, capable of altering trends and even deciding many, it doesn’t seem hard to believe that they will do it again.
Music, you know, manages to captivate like nothing else and I really think the Swedish giant knows it all too well!
