Betting on NFT Spotify to start a new transformation in the music industry

Betting on NFT Spotify to start a new transformation in the music industry



Experiment draws attention of investors who own shares in company

Spotify A new feature is being tested for artists to promote their work on the streaming platform, which includes NFTs. Steve Aoki and The Wombats, two of the artists who auditioned, are early adopters of NFTs. The experiment is currently running in the US for “selected” users of Spotify’s Android app, who will be able to view NFTs on the artist’s profile page. This information is provided by the professional website Music Ally.

Read more: How Milton Nascimento turned childhood cartoons into NFTs

According to a Spotify spokesperson heard by the music news site, “The platform is running a trial that will help a small group of artists promote their existing third-party NFT offerings through their profiles. We regularly conduct a series of tests to Improve the experience for artists and fans. Some of these tests ultimately pave the way for a wider experience, while others are just an important learning experience,” the spokesperson said. The website further explains that Spotify does not sell NFTs, but only deals.

After all, what are NFTs and how are virtual assets created and sold?

Just over 128.1 billion reais, or the equivalent of $23 billion, is the volume of NFT transactions in 2021. The creation and commercialization of non-fungible tokens is gaining popularity and attention. When Neymar paid the equivalent of $6 million for the monkey image, he was only considering one of several steps from creating the NFT to commercializing it. Catarina Papa, partner at Unblock Capital and expert on the subject, explains step-by-step what an NFT is, how to create and sell it, and the impact of tokens on the new digital economy.

Read more: What exactly are NFTs and how to create and sell virtual assets?

What is NFT?

“This is a unique item. To use the correct term – an irreplaceable item. In the digital world, we say this irreplaceable item is represented by a token — a non-fungible token, or non-fungible in English. fungible tokens. In other words, NFTs are a way of proving ownership of digital assets or real-world assets represented by tokens. NFTs are not reduced to art, although the huge boom in digital art is due to the attractiveness of digital art. Anything Anything can be an NFT: images, audio, video, domain names, concert tickets, music albums, digital assets in games (such as skins).”

How are NFTs created?

“The verb referring to the creation of an NFT is mint created from English. NFT minting is the process of converting a digital file into a blockchain digital asset. It is impossible to modify, delete or Edited. In Brazil, we have tropicalized the term: one can lie about the NFT. In other words, it is the art of minting that turns it into a non-fungible token so that it can be bought and sold.”

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