By betting on NFTs, Spotify has started a new transformation in the music industry

By betting on NFTs, Spotify has started a new transformation in the music industry



The experiments caught the attention of investors with shares of the company

O Spotify Is testing a new feature for artists to promote their work on streaming platforms, including NFT. Steve Aoki and The Vombats are two artists who auditioned, both of NFTs’ early adopters. The experiment is currently running for ‘selected’ users of Spotify’s Android app in the US, who will be able to view NFTs on the artist’s profile page. This information is provided by the special 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 conducting a trial in which it will help a small group of artists promote their existing third-party NFT offerings through their profiles. We run a series of tests on a regular basis in an effort to improve artist and fan experiences. Some of these tests pave the way for a wider experience and others just serve as an important learning experience, ”the spokesperson said. The site further explains that Spotify does not sell NFT, but only trades.

Finally, what is NFT and how to create and sell virtual assets?

BRL 128.1 billion, or the equivalent of US $ 23 billion, is the amount traded in NFTs in 2021. The production and commercialization of non-fungible tokens is gaining popularity and attention. When Neymar pays the equivalent of US $ 6 million for images of monkeys, he thinks of only one of the many steps from the creation of NFT to its commercialization. Katrina Papa, a partner at Unblock Capital and an expert on the subject, explains step-by-step what NFT is, how to create and sell it, and the impact of tokens on the new digital economy.

Read more: Finally, what is NFT and how to create and sell virtual assets?

What is NFT?

“It simply came to our notice then. Properly defined – a non-fungible item. In the digital world, we say that this non-fungible item is represented by a token – a non-fungible token or in English by a non-fungible token. In other words, NFTs are a way to demonstrate ownership of digital assets or real-world assets represented by tokens. While the attractiveness of digital arts has led to great prosperity, NFTs are not diminishing in the arts. NFT can be anything: an image, audio, video, domain name, concert tickets, music albums, in-game digital assets (e.g. skin).

How is NFT created?

The verb referring to the formation of NFT is formed from English into mint. NFT minting is the process of converting a digital file into a blockchain digital asset. It is impossible to modify, delete, or edit digital assets registered on blockchain. In Brazil, we have already used the term tropical: a person can lie NFT. In other words, it’s an art meeting that turns it into a non-fungible token so it can be bought or sold.

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