Značka: Spotify

Croatian Web3 startup offers lifetime Netflix and Spotify membership via NFTs

On Friday, Web3 subscription and ticketing solution provider Revuto announced a novel subscription model for Netflix and Spotify, using a nonfungible token (NFT) solution.Revuto said it would offer a lifetime digital subscription for Netflix and Spotify via its Revolution NFT. A total of 10,000 users would be eligible to get their hands on the unique subscription model. Dino Ivankovic, head of business development at Revuto explained how these subscription-based NFTs could become an ecosystem of their own. He told Cointelegraph:”We aim to bring more control to the end-user. NFT technology will allow users to monetize their unused subscriptions by sending or selling them to others who will be using them. Users might be able to even rent it in the future.”These subscription NFTs can be traded on crypto exchanges as well, allowing for the growth of a secondary market for such types of NFTs. Once the NFT changes hands, the old user’s digital debit card would get canceled and the new owner would be provided with a fresh debit card. Revulution NFTs.Revuto plans to introduce more subscription-based services through its NFT solutions and put an end to unwanted subscription charges. Related: Beyond collectibles: How NFTs are revamping the ticketing industryWhile the NFT market has seen a constant decline in trading volume over the past few months, owing to the ongoing bearish dominance in the market, the innovation continues to see new growth in the industry. Meta, Facebook’s parent company, recently announced it would introduce NFTs soon on its social media platforms.We’re launching NFTs on Facebook! Excited to share what I’ve been working on with the world. pic.twitter.com/TaV66zRanV— Navdeep Singh (@navdeep_ua) June 29, 2022NFTS became a rage during the 2021 bull market peak, starting with digital collectibles and later expanding to GameFi and metaverse ecosystems. As of Friday, the NFTs have impacted several industries such as art, music, advertising, ticketing, real estate and many more.

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Spotify reportedly tests NFT galleries on musician profiles

Major music streaming platform Spotify is reportedly testing the option of nonfungible tokens (NFTs) galleries on musicians’ profiles. Should the tests appear successful, the embedment of NFTs would serve to improve artist and fan experiences. Reports surfaced on Friday that Spotify is running a test for select users of the platform’s Android app in the United States. These users can see the NFT previews on the artists’ profiles. Currently, there are only two such artists, DJ and producer Steve Aoki and indie rock band The Wombats — both are known for their adoption of NFTs. There is no possibility for a direct buy, but after reading about the NFT and getting the enlarged preview, the user can tap to be redirected to the OpenSea page where he could purchase the item. Spotify doesn’t support videos or GIF formats, according to reports, showing only a static image without any sounds. As the company’s spokesperson told journalists, the tests are being conducted “in an effort to improve artist and fan experiences”, and while some of them will end up “paving the way for a broader experience”, others “serve only as an important learning”. Some Spotify users told about the NFT-related survey, they’ve been receiving from the streaming service. According to Music Ally, Spotify is not taking any cut of NFT sales during the testing. Cointelegraph didn’t receive a response from the company by press time. Related: NFTs are a game changer for independent artists and musiciansMusicians are actively exploring the NFT market, which could be a vital source of revenue, especially in the times when international touring is being disrupted by COVID-19. In 2021Linkin Park’s Mike Shinoda became the first major-label artist to release a single as an NFT, and the Kings of Leon were the first band to release a whole album in the form of non-fungibles. Aforementioned Steve Aoki, by the Rolling Stone estimate, made close to $3 million by minting just two NFT pieces out of the 11-piece collection.

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Music in the Metaverse creates social and immersive experiences for users

The Metaverse is quickly becoming one of the biggest trends of 2022. Recent data found that the metaverse sector currently has a market capitalization of over $26 billion. While impressive, new capabilities are also being added to virtual worlds to create more immersive experiences.For example, metaverse communities that cater to creatives are starting to unfold, allowing users to customize their own interactive experiences. Although this is still an emerging concept, the incorporation of music appears to be one of the defining characteristics of social metaverse environments.Music as NFTsFor instance, music in the form of nonfungible tokens (NFTs) is starting to be used in a number of virtual ecosystems to offer social experiences for both artists and fans.To put this in perspective, Fluf World — a metaverse community consisting primarily of 3D-avatar rabbits — relies heavily on music to create user experiences. Brooke Howard-Smith, co-founder of Fluf World, told Cointelegraph that its metaverse was launched in August 2021 as a platform for creators, artists and musicians to connect using NFTs. Howard-Smith explained that there is a “scenes and sounds” feature that enables community members to combine different soundtracks and backgrounds with their avatar NFTs:“Users can add a background behind their avatar that serves as a different location, many of which we are building in our part of the Metaverse. A user’s 3D-animated rabbit can also move to different music soundtracks that a user chooses to incorporate.”Although the concept may sound complex, Fluf World uses a variety of multimedia NFTs to allow users to customize their Metaverse experiences. “This week Fluf World is launching phase 1 of their ‘Burrows,’ a metaverse space within Fluf World where soon, avatars will be able to walk around and hear other Avatar’s music when their ‘proximity feature’ is turned on. You can also see a visual representation of their music called a Nimbus floating near their avatar when you approach them,” Howard-Smith explained.Fluf World 3D avatar rabbit. Source: Fluf WorldAt the same time, a number of benefits for artists and fans also emerge from this model. For example, “Gino The Ghost” — a grammy award-winning producer and multiplatform songwriter — told Cointelegraph that he is a metaverse music executive for Fluf World. Gino said that he was initially drawn to the project through its incorporation of music, explaining that audio NFTs offer musicians a new way to package music as a crypto asset. He added that sound clips living on a blockchain network solve a number of problems for musicians:“The sobering reality is that music labels are making more money today than ever before through streaming platforms but producers and songwriters are making considerably less. For instance, 100 million streams only generate $7,000 dollars if you own about 30% of a label and most individuals earn much less. Royalties are also paid slowly and you need to audit publishers to see if income is accurate.”With these challenges in mind, Gino said that music NFTs enable artists to generate instant income that is controlled directly by an artist without any intermediaries. In regard to fans, Gino said that those who own music NFTs are not only investing in their favorite artists but are also capable of using those soundtracks to create their own remixes. “Creatives can consume music and do different things with the soundtracks,” he said. In turn, users are also able to sell their unique music NFTs to generate revenue.It’s also interesting to point out that music NFTs can come in the form of digital wearables. For example, wearable music NFTs were recently launched on The Dematerialised, an experimental marketplace for digital fashion. The collection known as “Defend the Metaverse” was created by Teflon Sega, a singer and producer who claims to have been born in the Metaverse. The different NFTs that are available come in the form of t-shirts, sunglasses and shoulder plates and feature a 15-second sound clip from Teflon Sega’s music video, “Unreal Engine.”Teflon Saga shoulder plate. Source: The DematerialisedSega told Cointelegraph that he believes that the relationship between music and fashion has always been very close. “The two intertwined creative cultures have often played off of each other in music videos, which is why it felt so natural to release the outfits and props from my own music videos into the world as wearable NFT’s,” he remarked. Sega added that this year, he thinks people will be introduced to new features that allow for self-expression within metaverse environments. “Whether it be music, fashion, entertainment or storytelling, all forms will have no limitation aside from one’s own creative boundaries.”In addition to music NFTs, decentralized audio files are also being used to personalize metaverse environments. For example, Audius is a music streaming service built on the Solana blockchain that is partnering with different metaverse platforms. Roneil Rumburg, CEO and co-founder of Audius, told Cointelegraph that anyone is able to pull content from the Audius platform due to its decentralized nature. “Fans and developers are running this ecosystem for the benefit of everyone. Therefore, anyone can build using our platform,” he said.According to Rumburg, Audius music files were initially applied in gaming metaverses but recently, the platform has partnered with the real estate NFT project “Ethereum Towers” and Solana-powered “Portals Metaverse” to provide streaming music. “Portals Metaverse allows users to play their own choice of music within their room inside the Metaverse through the Audius API. The community has even built an Audius lounge for concerts,” explained Rumburg.Rumburg further noted that while Audius provides a catalog of decentralized audio files combined with metadata, some developers have built wrapped NFTs around Audius files. “We are just a decentralized repository of content without rights, so third-party developers can pull from the platform’s catalog without any issues.” As such, Rumburg explained that the main benefit of Audius in the context of the Metaverse is that developers can freely pull content without being sued by third parties. Related: Blockchain streaming platform Audius announces Solana NFT integrationMetaverse music: Here to stay or just a trend?Although the concept is relatively new, industry experts believe that music for metaverse environments will continue to gain traction. Sebastien Borget, chief operations officer and co-founder of the Sandbox — a popular gaming metaverse ecosystem — told Cointelegraph that he believes music will be used more often. “It’s defining a new format of entertainment beyond music clips. It’s more social and immersive,” he said. Sticking to this trend,the Sandbox recently announced a partnership with Warner Music Group to create a musical theme park and concert venue within the platform.Famous musicians are also becoming more involved with NFTs. American singer and songwriterJohn Legend recently announced his involvement in launching an NFT music platform that will allow artists to tokenize and sell their work. In addition, American rapper and songwriter Snoop Dog recently announced that he is a Fluf World holder by tweeting out his customized “Snoop Dogg Party Bear” NFT, which features music produced by Gino The Ghost.While it’s clear that music is making an impact in virtual worlds, challenges remain that could hamper adoption. For instance, Rumburg mentioned that other platforms are attempting to do the same as Audius, but some are facing criticism for using APIs from platforms like Spotify from which to pull music. Most recently, the NFT platform called HitPiece was criticized by musicians for selling music NFTs without their permission. In addition, buying and selling NFTs are expensive due to high gas fees and minting costs which could impact the growth and diversity of communities that pride themselves on self-expression. Howard-Smith is aware of this challenge, noting that he doesn’t want a barrier of entry to exist within Fluf World:“We have a plan that will ensure in the next two years anyone will be able to come into Fluf World and create. I think that the biggest challenge now is creating an even playing field as we continue to build new technologies and layer together information. Any artist can join the Fluf community for free with or without an avatar, and many are already making money creating music with Fluf existing owners. it’s essential that the industry creates ecosystems that are as inclusive as possible, enabling new artists and those with smaller fan bases as well as already successful musicians to join.” 

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NFT music platforms to disrupt Spotify in 2022, Saxo Bank predicts

As popular music streaming services like Spotify cut much of musicians’ revenues, new technologies like nonfungible tokens (NFTs) are likely to help artists grab back their fair share, Saxo Bank predicted.According to one of Saxo Bank’s Outrageous Predictions 2022: Revolution, music creators would benefit from NFT-based streaming platforms as they allow distributing music directly to listeners without centralized middlemen charging a fee. Saxo Bank’s cryptocurrency analyst Mads Eberhardt argued that mainstream music streaming platforms like Spotify and Apple Music take a substantial cut, which together with the cut paid to labels is some 75% or more of the total revenue.“These models don’t guide individual subscribers’ fees to the actual music an individual subscriber listens to,” Eberhardt stated, adding:“The use case for NFTs could prove particularly compelling in the next step for the technology for content generators in the music industry as musicians feel unfairly treated by the revenue sharing models of the current streaming platforms like Spotify and Apple Music.”The analyst noted that NFT-based music streaming projects are likely to start kicking off in 2022, including initiatives like Audius, a blockchain music platform backed by Katy Perry, The Chainsmokers and Jason Derulo. Based on blockchain, the Audius platform is a decentralized music-sharing and streaming protocol designed to cut out the middleman from the music industry and allow fans and creators to interact with each other directly.In contrast, the future of traditional streaming platforms like Spotify is “bleak,” according to Saxo Bank. The company predicted that Spotify shares would tumble 33% in 2022. SPOT has already been dropping in 2021: starting the year around $300, Spotify shares dropped to as low as $204 in August, according to data from TradingView. At the time of writing, SPOT is trading at $229.In the meantime, Spotify’s revenues have been steadily growing over time, reflecting much potential for NFT-based music platforms to disrupt. According to Spotify’s official 2020 financial results, the company generated 7.85 billion euro ($9.5 billion) revenue last year, a 16% increase from 2019. Spotify’s financials continued growing in 2021, with the total amount of monthly active users surging 19% year-on-year to 381 million in Q3 2021.Source: Business of AppsRelated: NFT music marketplace Royal raises $55M in Series A roundAs previously reported, Spotify has been paying attention to the cryptocurrency industry, looking for talent with a crypto background in late 2020. The firm is also well aware of the rise of NFTs as it mentioned NFTs in its Spotify Wrapped 2021 compiled for users on Dec. 1, 2021.I will say I was not expecting to see an NFT reference in my Spotify Wrapped today but here we are pic.twitter.com/KnpwrR90Y4— Meghan Bobrowsky (@MeghanBobrowsky) December 1, 2021Spotify did not immediately respond to Cointelegraph’s request for comment.

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