Saxo Bank’s ‘Outrageous Prediction’ on NFT-Based Platforms Disrupting Spotify

Danish Saxo Bank has released a set of 10 “outrageous predictions” for next year, among other things, which say digital rights platforms based on non-fungible tokens (NFTs) could undermine Spotify’s strong position in the global music distribution industry.

The bank said in a statement that its forecasts focus on various unlikely but underestimated events that, if they occur, could shock the global financial markets.

“Musicians are ready for a change as the current music streaming paradigm means that labels and streaming platforms receive 75-95 percent of the revenue they spend on streaming music. In 2022, new blockchain-based technology will help them reclaim their fair share of the industry’s revenues, ”the Danish bank said.

The Danish bank claims that while the early days of NFT could be considered “chaotic and dangerous for asset buyers, the prospects for this technology are bright.”

“The NFT-based platform offers not only a new way of verifying ownership of rights, but also a way of distributing rights without intermediaries, that is, a completely decentralized system that eliminates the need for a centralized platform,” says Saxo Bank.

Since many musicians feel that the revenue-sharing models of existing streaming platforms are not being fair to them, this could strengthen the usability of NFT-based platforms, the forecast says.

Saxo Bank’s script launches an NFT-based service next year, starting to offer music from famous stars such as Katy Perry, The Chainsmokers and Jason Derulo. Other famous artists are following in the footsteps of the stars, filming their music from “traditional” streaming platforms.

As a result, investors are beginning to perceive the future of Spotify as bleak, and the platform’s shares are forecast to drop 33% in 2022.

But this is just one of their “outrageous” predictions. Other:

An attempt by Meta, Facebook’s parent company, to bring youth back with Metaverse has failed as the group continues to abandon their platforms to protest personal information retrieval for profit; Reddit Army Women Traders launched a coordinated attack on companies with weak reporting on gender equality issues, resulting in huge swings in stock prices for targeted companies; EU launches US $ 3 trillion Superfund for Climate, Energy and Defense to be funded through pension contributions rather than new taxes; Fossil fuel phase-out plan is being tested by rain: politicians support investment in fossil fuels to fight inflation; inflation in the US exceeds 15% in a wage-price spiral; mid-term US elections lead to constitutional crisis; India joins the GCC as a non-voting member; new hypersonic technologies stimulate the space race and a new cold war – a massive hypersonic arms race is developing between the main armed forces, since no country wants to feel left out; a medical breakthrough extends life expectancy by 25 s, “triggering predictable ethical, environmental and financial crises of epic proportions.”

Saxo Bank says it provides services to approximately 810,000 customers worldwide with over $ 80 billion in customer assets.