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Posted 16 mins ago | by Catoshi Nakamoto
Spotify has spotted an opportunity in the NFT market, Open Sea adds new verification Features, and the NFT market… well, it’s down with the rest of the cryptos…
This is your weekly NFT Update, and let’s ape into it…
Audio streaming service, Spotify has joined the chorus of companies entering the NFT space, announcing it’s running “a test in which it will help a small group of artists promote their existing third-party NFT offerings via their artist profiles.” They plan to test this feature with a small amount of users in the U.S., and the artists involved include Steve Aoki and The Wombats. If the trial is successful, artists will be able to promote their NFTs on the platform and provide links where users can buy. Spotify said they wouldn’t be taking a cut of NFT sales during the test run, which is ironic because they pay their artists so little. We’ll see if this holds true once they realize how lucrative the NFT space can be.
They’ve been surverying user sentiment towards NFTs and the crypto community. And the responses have been mixed.
It will be interesting to see is Spotify’s move towards NFTs will impact the decentralized blockchain music streaming services, like Audius and Emanate, that are trying to get off the ground.
Spotify previously tested the Web3 waters when they created “Spotify Island” on Roblox, a Web3 game platform and creation service that currently has half of America’s kids enchanted. And Open Sea might be giving its users even more parental supervision than those kids get on Roblox.
Open Sea announced last week that they’re updating their NFT verification system, rolling out a new two-part copy detection system that will identify and remove copymints from the site. Copymints are plagiarized NFTs that are sometimes flipped or rotated. Open Sea said they will use “image recognition tech to scan NFTs on the platform” as well as have live human beings review the content as well. Supposedly, they want to remove the copymints to it’s easier for users to find the authentic content, but still leave room for new projects that remix the old.
They also plan to alter account verification. It seems there will be broader eligibility requirements for verifying accounts with a Hundred ETH volume or more. However, the verification system will be invite-based. Once your account has been verified and you reach the Hundred ETH trading threshold, you can get that sought after little blue badge. They say these changes are to combat complaints that their verification eligibility is “opaque,” “slow,” and “cumbersome,” but this announcement is anything but transparent…
Back in February, Open Sea launched a verified customer support system because users kept giving out their personal wallet info to scammers. We didn’t think this needed to be said… Again… But don’t give out your wallet info. Just don’t…
So, what do you think? Is this a necessary security update that will benefit users? Or just more centralized corporate overreach when users should take responsibility to make sure they don’t fall prey to scams. Leave a comment below and tell us what you think.
Either way, Open Sea does have more time on their hands to make updates because NFT trading volume is way down. As the value of ETH declines, the NFT floor prices and gas fees have gone down in comparison with the dollar as well. But interestingly enough, NFTs built on the Terra ecosystem saw a huge trading spike when UST lost its peg last week. However, they quickly declined.
Even sought after NFTs like Bored Ape Yacht Club and CryptoPunks are down, with the former seeing a Sixty-Three percent decline in trading volume and a floor price ranging between Eighty-Nine and Ninety-Nine ETH versus the Hundred-And-Fifty-Two floor price they had at their peak at the beginning of May. But it seems the lower prices aren’t keeping investors from selling and following that age-old adage: “Buy high, sell low…”
And Otherdeeds are indeed in demand. Otherdeeds are necessary to purchase land in the Otherside and they currently have “the highest trading volume since its debut on OpenSea,” despite seeing a decline from Three-Hundred-Seventy-Five Million to Six-Point-Five million dollars. One Otherdeed actually sold for Six-Hundred-Twenty-Five ETH, currently about One-Point-Six Million Dollars.
Art Blocks, Doodles, and Moonbirds were popular this week. And even the Azuki Beanz saw big numbers, despite it coming to light that their founder, Zagabond, had been part of three previously failed NFT projects.
We’ll have to see if all these corporations getting into NFTs (Spotify, Meta, etcetera) will give the space the bump it needs. Or if we just have to sit tight through the bear market.
But you know what keeps us all cozy during a frigid crypto winter? Liking this video and subscribing to the channel for more NFT updates. See you next week.
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