Lin Dai, the CEO of OneOf, announced a live beta of Tezos NFTs on Spotify available first in the US. Therefore, 182 million Spotify premium subscribers will soon have the ability to buy and sell NFTs on Tezos...
Why Tezos was chosen for Spotify's NFTs
Most of the music NFTs are on Tezos, whereas Polygon (MATIC) is specialized in gaming - e.g., The Sandbox (SAND), and Ethereum (ETH) is the main chain for art NFTs - e.g., Bored Ape Yacht Club.
What makes Tezos different
Tezos is a self-amending blockchain network that incorporates an on-chain mechanism for proposing, selecting, testing, and activating protocol upgrades without the need to hard fork. It uses a specific Proof-of-Stake (baking) consensus allowing to earn staking rewards above 5% without freezing the coins. Tezos is environmental friendly. The Tezos blockchain consumes as much as 17 world citizens only.
Why Tezos has not taken off yet
In 2020, Tezos had to pay $25 million as securities class action settlement to resolve allegations of illegal security sales in the initial offering of Tezos blockchain tokens, which had a negative impact on XTZ price. Tezos also suffers from a lack of marketing: its market cap rank is only 42 whereas it is respectively 8 and 9 for Cardano (ADA) and Solana (SOL) which do not offer significant advantages over Tezos and suffer both from multiple issues: network outages for Solana and delayed hard forks for Cardano, whereas Tezos never had any outage or hard fork issue.
What's next
OneOf's announcement regarding Tezos and Spotify will likely not have the same impact as the Merge announcement regarding Ethereum. Although Tezos is supposed to be a direct competitor of Ethereum, it is at the best a complementary option which addresses different needs: the big whales will continue to use Ethereum, they will not switch suddenly to Tezos. However, the use of Tezos on Spotify will facilitate a larger adoption which may help XTZ go higher in the next few months or years.
Disclaimer: this article does not contain any financial advice. The information is provided for general informational and educational purposes only.
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