The crypto sector has seen a massive upgrade since its inception in 2009, providing more than the use case it was created for. Bitcoin was developed in 2009 and Satoshi Nakamoto clamored for a peer-to-peer payment system.
In the last couple of years, we have seen other aspects such as services, payments and the likes infuse the crypto sector. Saxo Bank tipped top streaming websites will be leapfrogged by NFT streaming websites by 2022
According to Saxo Bank, musicians’ who use major streaming platforms get to keep a very little portion of the profit as the lump sum goes to these platforms, but with NFT streaming platforms, musicians might recoup huge profits.
Most streaming platforms have a third-party that cuts a small chunk from the musicians’ income and Saxo Bank believes that with NFT based streaming platforms, musicians get direct access to the consumers as all third parties will be eliminated.
According to a review by an analyst of Saxo Bank, musicians are left with little below 25% as 75% of the total revenue is split between the platform and the record label.
Audius, an NFT based streaming website providing a musician to listener feel, enjoyed small success this year, partnering with artists like Jason Derulo and Katy Perry. Sack Bank believes that the small success of Audius could trigger a wide entrance of more NFT based streaming websites.
Saxo Bank also predicts that in 2022, platforms like Spotify might witness a value decline of 33%.
Around August, the stock of the streaming platform, SPOT took a decline to trade at $204 from a high value of $300.
As of this writing, according to Trading View data, SPOT is trading around $229. Consequently, Spotify still sees a larger share of the income, making the prediction a realistic one.
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