Tag: nftmarketplace

NFTs are, by definition, tokens that don’t have any value on their own but are assigned to valuable assets to facilitate trade. However, the founder of Ethereum, Vitalik Buterin, has announced the launch of an exciting new use case for the NFTs. 

Buterin recently co-wrote a 40-page paper to explain how Ethereum is going to revolve around a new ecosystem called Decentralized Society with souldbound tokens as one of the main attributes. 

Soulbound tokens are NFTs that a person can earn based in part on their education and job history. Unlike normal NFTs, these NFTs are non-transferable and represent the person’s reputation and accomplishments as a type of extended resume. 

The Real-Life Value of SBTs

Soulbound Tokens or SBTs are shareable as CVs or resumes while being attested to a soul or person. For example, one of the use cases for SBTs would be as a recommendation layer by a company for its employees. Buterin aims to use SBTs as degrees issued by universities, qualification verifications and more, making it difficult for imposters to impersonate anyone. 

“The idea is to bolster people’s social identities by customizing them with unique, non-exchangeable badges. In theory, the tokens could help solve some of the problems ravaging decentralized finance, like scams and theft,” Buterin said. 

The SBTs will be stored in Soul wallets and can be easily recovered even if you somehow lose the key. The wallet would require consent from Soul community members, that would verify the user’s identity. These community members are called guardians, and the wallet owner can only select them to ensure security. 

The guardians can be close friends, family members, trusted institutions, etc. and can authenticate the owner of the soul through conversion, a face-to-face meeting and several other methods. 

The SBTs collection is meant to go live by the end of this year and will connect to Buterin’s larger plan to create a decentralized society by 2024. 

The craze of NFTs has far surpassed the expected growth curve, with major artists and platforms embracing the era of digital assets. In the past few months, there have been several exciting developments where popular celebrities have launched exciting new NFT collections, and the art platform is incorporating these new demands.

Only recently, The Chainsmokers, a popular pop music creator, launched an NFT collection of 5,000 NFTs, which gives holders access to streaming royalties. In an exciting turn of events, the popular music streaming platform Spotify is also testing the NFT waters. 

Spotify X NFTs

Spotify is testing out a new feature where they will display NFT galleries on the artist’s pages. While this feature is currently limited to a small test with selected artists in the US, Spotify will launch full-fledged NFT integration soon. 

The test is being conducted for Android devices for now, and as a part of this test, users will be able to visit artists’ galleries on their pages. On tapping the NFT menu, the user will be able to see a large preview of the image, which will redirect them to the NFT landing page, where they will be able to purchase the artists’ NFTs. 

According to the publication Music Ally, Spotify will not collect a commission on the sales for now as it is just a test integration. Spotify also confirmed the test and mentioned that this update will “help a small group of artists promote their existing third-party NFT offerings via their artist profiles.”

They further added, “We routinely conduct a number of tests in an effort to improve artist and fan experiences. Some of those tests end up paving the way for a broader experience and others serve only as an important learning,”

However, presently Spotify won’t support a video or GF NFT as the test is limited to thumbnail previews or images. Moreover, users won’t be able to see the NFT unless they click on the menu and visit the official listing platform out of the app.

However, this is great news for all the artists and fans as a major streaming platform is joining the NFT wave. 

There have been a lot of controversial opinions related to the emergence of NFTs and digital currencies in Hollywood. While some are more than excited about this unparalleled new opportunity, naysayers believe it is a match made in hell. Regardless of personal opinions, there is no denying the fact that the NFT wave has been massive as it offers a wide range of opportunities for the creators and the fans. 

While proper education and awareness for celebrities and artists are important for them to safely navigate this space, the future looks promising already. There are several popular celebrities global and worldwide that have already entered the NFT space, and more are joining the hype as well.

Artists and NFTs

Several major celebrities such as Snoop Dogg, Matt Damon, and Eva Longoria have already entered the NFT space. While some of these NFT collections have been successful, others have failed to pique fans’ interest. However, the chance of success of an artist’s NFT is the same as the chance of success of their artwork in their preferred medium. 

Shaq, the famous NBA Hall of Famer, also raised a million dollars for his charity, Shaq Gives Back, by purchasing Creature World and Mutant Ape Yacht Club NFTs. While other celebrities, such as Brie Larson, the superhero Captain Marvel in Disney’s Marvel Cinematic Universe, failed to impress her fans with her introduction to the NFT space. 

An important thing to remember in NFT space, like any other trade is to know the tricks before jumping in. Considering Mark Zuckerberg’s plan to integrate NFTs with popular social media platforms such as Twitter and Instagram, the NFT wave is only going to get bigger in the future. 

Moreover, there are so many opportunities in the NFT space waiting for the artists to bank on. Snoop Dogg recently turned his Death Row Records into an NFT label to offer his fans exclusive opportunity to own his NFT tracks. 

The NFT wave is here to stay and with time Hollywood and NFTs will indeed turn out to be a match made in heaven.