NFTs are more opportunity than threat for Spotify, writes NetoStreisand
Spotify Technology said on April 27 that currency moves and a big increase in hiring would push it to an operating loss in the second quarter, sending the streaming giant’s shares down 12% to $96.70, despite its first-quarter revenue of 2.7 billion euros beating forecasts.
The Swedish company predicted it would make an operating loss of 197 million euros in the current quarter, but said investments would position it for growth in the decade ahead. The group said its total number of monthly active users rose 19% to a record 422 million in the first quarter ended March 31, and it saw a jump in advertising income.
Spotify is drawing up plans to add blockchain technology and non-fungible tokens to its streaming service, the Financial Times reported on March 17, citing two job advertisements for projects related to so-called “Web3” technology. Sales of NFTs amounted to $17.6 billion last year, according to a report from NonFungible.com. First-quarter results this year show that 260 NFT-related companies have raised $7.4 billion dollars from venture capitalists, according to PitchBook. For entertainment, which includes sports and music, $728 million was raised.A visitor tries the"metaverse Service" at SK Telecom stand during GSMA's 2022 Mobile World Congress , in Barcelona, Spain February 28, 2022.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TikTok-Famous Doctors Are Getting Into NFTs And It's A MessMetaDocs’ NFTs were designed to 'revolutionize medicine.' But its social media–famous doctors can’t prescribe for or diagnose NFT holders.
Read more »
Nifty News: OpenSea acquires Gem, and Chess.com makes a move into NFTsMajor acquisition in the NFT ecosystem. OpenSea has acquired NFT marketplace aggregator Gem for an undisclosed price. The company made this move to improve the experience of its more seasoned, “pro” users.
Read more »
Chinese Marketplace BigVerse Found Guilty of Minting NFTs From Stolen ArtworkHangzhou court held BigVerse accountable for letting a user mint NFTs from stolen artwork.
Read more »
Ripple Names New Companies to Start Making NFTs on XRP Ledger Using $250 Million Creator FundRipple has unveiled the final teams of NFT makers to join the company's Creator Fund that offers $250 million of funding
Read more »
Panini America prepares for NFL Draft night's special NFTs, fan experiences and moreThe trading card industry leader is set to have special 1-of-1 nonfungible tokens (NFTs) for 16 players who will have their names called at the NFL Draft, including potential top pick Aidan Hutchinson.
Read more »
MoonPay's new minting-as-a-service tool bills itself as 'AWS for NFTs'HyperMint seems to be a play for the 'minting-as-a-service' market as MoonPay strays further from its core payments product.
Read more »