NFT Bullish Activity: Spotify and NBA Top Shot in News
NFTs (non-fungible Tokens) are making a huge comeback after a brief (and unexpected) fall in their popularity graph. With the recent buzz around NFTs, on-chain development, and the latest developments in the sector, almost every major sector is making efforts to be some kind of part of it. Some huge brands, including Spotify and the NBA, are pursuing and investing in NFTs. Here are some of the latest developments going on in the NFT sector:
Spotify is Finding its Own Way in NFTs
Spotify has been a huge revelation in the field of the music industry. Their business ideas and marketing strategies have been second-to-none. After finding huge success in the conventional music industry, they have now turned their attention to the world of NFTs. On Wednesday, Spotify acknowledged a new integration on its music platform. It includes music playlists with token functionality that only a small group of users can access. Token holders will access the community playlists created and curated by the participating NFT organizations and communities. In order to achieve the objectives, they have joined forces with some big metaverse groups, including Overlord and Kingship.
Apart from the US, the service will be available in Australia, Germany, the UK, and New Zealand. The newest feature will continue utilizing Web3 elements to improve the appeal of its platform. Moreover, it will also help in integrating NFT galleries on artists' profiles to promote their work. Users could preview the NFTs through the integration, and a purchase option was made available by redirecting to the OpenSea NFT marketplace.
Ending the Dominance of ‘Modern’ Middlemen
The popularity of music NFTs has been on the rise in recent months. Developers have recognized them as potential game-changers. The monopoly of record companies has exploited artists in royalties for decades now. Although streaming services have somehow reduced that dominance, these companies are still the need of the hour for artists' rise. Music NFTs give fans a means to directly support their favorite musicians, sort of solving the dilemma of problems.
The direct engagement and ownership of digital assets could also contribute to the development of a stronger bond with followers. Free NFTs can also gain loyal supporters. This can increase website traffic, subscriber numbers, and the number of listeners. Without having to rely on royalties from streaming services, artists can make the shift to this new paradigm of selling their work.
NBA Top Shot Moments: NFTs
The National Basketball Association's (NBA) Chinese business section announced the introduction of NFTs with a basketball theme. The announcement came after their partnership with Chinese finance giant Ant Group. Earlier, NFTs and Web3 made their way into the professional basketball league's economic strategy. NBA and blockchain developer Sorare joined hands to launch a blockchain game. The game offered players the chance to win and trade NFT basketball cards last year. NBA Top Shot made its debut in 2020 thanks to the collaboration between the NBA and blockchain game developer DapperLabs.
The Court’s Verdict on NBA Top Shot Moments: NFTs Qualifying as Security
The collection, which has the seventh-highest trade volume of all time, became the focus of discussion. It came to light after a federal judge suggested that the NBA's Top Shot Moments might meet the Howey test for security status. In a court document dated February 22, the judge declared that Dapper Labs' NFTs are "investment contracts." Moreover, she authorized the continuation of a class-action case brought against the business.
“Ultimately, the Court’s conclusion that what Dapper Labs offered was an investment contract under Howey is narrow." Not all NFTs offered or sold by any company will constitute security, and each scheme must be assessed on a case-by-case basis. "It is the specific scheme through which Dapper Labs offers Moments that establishes the necessary legal relationship between investors and promoters to establish an investment contract, and this is a security under Howey," the judge ruled.
In May 2021, we saw a complaint against Dapper Labs, claiming that NBA Top Shot NFTs are securities. The company's CEO made a motion to dismiss the claim, which got rejected. So, now the case will proceed. Moreover, the NBA Top Shot creator expressed displeasure with the federal judge's decision. And promised to "vigorously defend its position in court" in the upcoming days.
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