Top 3: October 8

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In this edition, learn more about the ways NFTs can disrupt the music industry, how they can be used on Facebook and Instagram, and how Chainlink is building the new SWIFT infrastructure! Visit our blog to find our previous editions in?German?or?English, or?download our app?and create an account to start tracking your whole crypto portfolio for free!

Are NFTs Ready to Disrupt The Music Industry?

The music industry has seen countless technological advancements over time, each one reshaping how artists create, publish and sell their music. The digitalization of music opened pathways for musicians to reach fans across the globe. For the artists themselves, however, what it provided in reach, it took away in monetization. While all the tools are there to build a fanbase, many still struggle to monetize their audience.?

So, is the NFT space ready to reshape the industry? With the current framework leaving artists under-compensated, the timing couldn’t be better. At the time of writing, selling?only?60 NFTs at 0.05 ETH would pay the same dollar amount as 1 million streams on Spotify.?

Despite music NFT marketplaces and platforms becoming increasingly more common, it may take some time before we see the money going into the creator’s pockets. This is because streaming platforms and record labels will be reluctant to hand over their tight grip on the industry, not to mention the massive structural shift it would require to facilitate an artist’s NFTs.?

On the other hand, the few artists that have embraced Web3 have seen much success. With a loyal fan base, web3 offers the capability to turn an audience into a community. Those who have done precisely that have demonstrated that NFTs can unquestionably provide an alternative answer.

NFTs Coming to Instagram and Facebook

Last week, someone bought Mark Zukerberg's autographed Little League baseball card at an auction for USD 105,000. Where does it get interesting, though? The NFT version of the card also sold for 11 ETH at a different auction. The publicity of the NFT sale was probably meant to play a part in a broader marketing effort, which became apparent just a day later.?

Meta, the parent company that owns Facebook, Instagram, and WhatsApp, broke the news about the long-anticipated launch of Instagram's NFT feature. The new digital collectible functionality allows Instagram users in the United States to connect their Coinbase, MetaMask, Rainbow, Dapper Labs, and Trust wallets to their accounts on the popular social media app. Like with other Instagram app features, users can crosspost their shared NFTs to Facebook and vice versa. However, this feature is only available in the US for now. Users across the 100 countries participating in the NFT integration testing can also share their NFTs but only with limited availability.

SWIFT Partnership with Chainlink

The decentralized oracle network Chainlink recently partnered with the world’s biggest interbank messaging system SWIFT to work on a proof of concept (POC) idea that will enable traditional financial institutions to use the blockchain network for transactions. The SWIFT system is used by over 11,000 banks worldwide to securely send messages, rendering it the most prominent method for international payments.

The initiative was launched at the SmartCon 2022 Conference in New York by Chainlink co-founder Sergey Nazarov and SWIFT strategic director Jonathan Ehrenfeld Solé. The proof of concept (POC) aims to utilize Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to command token transfers across multiple blockchain networks with SWIFT messages, making on-chain token transfers possible.?

SWIFT using the CCIP in capital markets could enable communication and transfer of tokens between different institutions, accelerating the adoption of blockchain. Currently, transactions in the SWIFT network can take several days. This makes blockchain technology and Central Bank Digital Currencies necessary for the implementation of high-speed payments. According to Chainlink, many financial institutions will benefit from the power of blockchain technology without having to replace their infrastructure while adding new technologies at a “low cost.”?

During the Conference, Solé stated that there is “undeniable interest from institutional investors into digital assets,” the development of this initiative aims to smooth the access to digital assets for traditional finance players. This partnership in cross-chain interoperability will bridge the gap between digital assets (DeFi) and traditional finance.?