While the NFT industry has seen better days, there is more to the technology than just profile pictures of Bored Apes. The music industry in particular has found NFTs to be a potential path to artists being paid directly for their work, rather than through streaming platforms or production companies.
In fact, despite being a major streaming platform, Spotify (NYSE:SPOT) has been one of the largest names to embrace NFTs and has even allowed some of its bigger artists to sell them directly to fans through the site. It might just be a matter of time until other major platforms like Coinbase (NASDAQ:COIN) or GameStop (NYSE:GME) will feature them as well.
One NFT Marketplace that just recently launched in major markets around the world is Nifter. The music-based NFT site had a beta launch earlier in the year and has now re-launched in other markets including Asia, Africa, and the Caribbean. The site is operated by its parent company Clickstream Corp (OTC:CLIS) which is also behind the highly rated HeyPal! Social language learning app.
(NYSE:SHOP) entry into the space only shows that the market is expanding into the mainstream. Content creators are finding more ways to utilize the tools of Web3 to connect directly with their fans, rather than having to do so through third party sites. While the NFT and crypto markets remain in the Crypto Winter, it seems as though the music-NFT industry is doing just fine.
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