The wave of NFT continues to add new members. After all that has to do with the art world, it looks like music will be the new stage for them to appear.

Spotify has announced plans to add blockchain technology and fungal tokens to increase artists' profits on its streaming service.

This comes after the creation of 2 jobs related to Web3 by the huge music streaming company. Specifically, these jobs include an engineer for the “growth of experience” team and a manager with experience in the “content, creative, media, Web3 and emerging technology industries”. Their goal is to "help define Spoty Moonshoots."

It’s actually a very interesting strategy. NFT can use digital album sales or tokens to unlock benefits at concerts, such as merchandise, VIP passes, or more, to name a few.
There are already many artists who are seeing benefits in NFT. Snoop Dog rapper or DJ Steve Aoki has become a collector of non-fungal tokens, and the former has just taken over Death Row Records with the aim of becoming the first NFT record label in the genre.

There are also artists like Grimes, Kings of Leon or Snoop Dog who have sold their music NFTs and many record labels are opting for tokens.

Warner Music, for example, has partnered with NFT platform OneOf and Universal Music NFT Curio to develop NFT collections for labels and artists.

For its part, FTX Europe, a European cryptocurrency exchange affiliate, has announced a partnership with Tomorrowland and will support plans to move the festival to its Web3 and NFT space.
According to Web3 experts, metaverse provides a great deal of creative freedom and can also be a fairer way to compensate artists for their work.

Several industry giants are making the leap to metabersion and NFT. Meta, for example, will bring NFT to Instagram and Twitter, and while launching an iOS service, NFT allows you to convert your profile photo.

NFT: What it is and what it is for

The NFT file format is in vogue, not only in the technology sector, but also in the art world. They have already paid high figures for such digital works (reaching $ 69 million), and the first works were sold in Spain in November, one of them for 20,000 euros.

NFT (acronym for non-destructive tokens) is a blockchain-based cryptographic technology that ensures that it is unique, non-replaceable, and that its authenticity and ownership are guaranteed. Usually NFTs are bought in exchange for cryptocurrencies like Ether, but unlike them, they are not interchangeable, they are not destructive.

Thus, the purchase of a digital work would be the equivalent of the purchase of a physical work of art. In fact, acquiring a file in NFT format is like acquiring the original version (not one of its copies) of a regular work of art.
According to the Online Art Trade Report 2021 published by the insurance company Hiscox, NFT works of art have a total value of 3025 million euros to date, and today 14% of online art platforms offer NFTs and 38% plan to do so soon.

Regulation

As with cryptocurrencies (which are not under the control of a central bank that will hold them back), NFTs are paving the way in a context of poor regulation. However, the first steps are being taken to legally define the world of Blockchain technology and NFT.