It’s been a rough year for all investors, but particularly for crypto traders. Bitcoin and Ethereum are down by 37% and 51% respectively so far in 2022, with other major tokens having fallen even further. Despite this, the NFT market has held up fairly well. While some NFT lines have fallen in value, the losses have been minimal compared to how down the broader crypto markets are.
Part of this is likely due to institutional activity in the NFT markets. Major companies like Nike (NYSE:NKE), GameStop (NYSE:GME), and Coinbase (NASDAQ:COIN) have all entered the space in some capacity. Whether it is directly issuing collectible NFTs or providing the infrastructure in the form of a non-custodial wallet or marketplace, some of the largest companies in the world are flocking to the industry in preparation for future iterations of the internet in the Metaverse and Web3.
Other smaller companies like Clickstream Corporation (OTC:CLIS) have opted to use music and the arts to enter the NFT space. Clickstream’s Nifter NFT Marketplace recently completed a Beta launch to great success. With the introduction of minting original music as NFTs, artists finally have the ability to earn payment and income directly from consumers, rather than having to go through a third party. In an attempt to get ahead of this new world, streaming giant Spotify (NYSE:SPOT) has also allowed some of its musicians to launch songs as NFTs. There’s no doubt that NFTs are changing the music industry when corporations like Spotify are getting involved.
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