Could Spotify's integration of NFTs inspire sports businesses to embrace NFT technology?
NFTs have had a tumultuous year, with major players pulling back from integrating the web3 technology due to macro-economic conditions, high-profile exchange collapses, and falling crypto prices. However, there have been some exciting developments and new use case scenarios, such as Spotify's testing of NFT integration for its music service.
It has been reported that Spotify has been working with a few artists and NFT projects to test token-gated playlist access, allowing NFT projects to create exclusive music playlists accessible only by token holders. Users authenticate their eligibility by connecting their crypto wallet with the platform.
This is a great example of how web2 platforms and businesses (Web 2.0 describes the current state of the internet, which has more user-generated content and usability for end-users compared to its earlier incarnation, Web 1.0. For instance, Facebook, Twitter, Instagram, or Tiktok. These sites allow users to interact with web pages instead of simply viewing them) can embrace web3 technology to offer richer experiences to their user base. It is not difficult to see how this concept can be extended to sports.
This article looks at how Spotify’s new development could impact the sports sector and the potential legal issues that could arise.
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- Tags: Commercial Law | Cricket | Cryptocurrency | DCMS | Football | Intellectual Property Law | NFT | Rugby | Sports | United Kingdom (UK)
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Nick is a partner in the Entertainment and Media Industry Group and a member of the On Chain: Reed Smith’s Crypto & Digital Assets Group. He focuses on digital media, music, blockchain and NFTs, advertising and video games.