The market for NFTs is set to grow in the coming years as they come out from under the shadow of Crypto Winter. The value could potentially hit $122 billion by 2028 with an increased rate of 49%.
AudioSwim’s blockchain-based digital music ecosystem is leading the NFT to bounce back in the Middle East and North African region by releasing Rym's ‘Dime Porque' Arabic/English remix track that features SKALE as a Royalty-powered NFCNft with a standard streaming release.
SKALE is the Ethereum Ecosystem's only blockchain that can store files directly on the chain.
The first NFT ever created by the region will be an Arabic/English track that millions have loved. It's destined for crossover appeal due to Rym and SKALE having over one million followers on Youtube alone or Spotify if you count them as well.
AudioSwim is a company that allows artists and fans to buy NFTs (non-fungible tokens) representing their rights within the music industry. Founder Albert Carter established it in order to help independent musicians and labels with smaller profit margins on sales of recordings or streaming data, as well as giving them an opportunity for growth through cultivating authentic followings online where users can earn points when friends sign up using your link code.
It is one of the first platforms in the Middle East and North Africa to release music NFTs, and it has partnered with Mackie Entertainment to provide management and talent contracting services.
In the wake of recent market fluctuations, NFT is here to stay with its second release, which has received rave reviews. With more high-profile festivals ahead and an exciting future predicted by experts alike, it seems as if they've found their footing in this ever-changing crypto climate after all.
First-quarter 2022 sales fell by 24% from a high of $2 billion this time last year, when global lockdowns aided in making 'NFT' the most searched term on the internet. This crash was mirrored in the cryptocurrency world, with Luna collapsing and Bitcoin falling to an 18-month low of around $20,000 in June.
Many experts predict that digital currency NFTs (non-fungible tokens) will soon see a revival as investors look for safe-haven assets due to the uncertain economies of many countries. The long-term market value is set at $122 billion by 2028, with an average growth rate of 34%.
The company is well-positioned to capitalize on this growth, providing a new method of music distribution that capitalizes on current NFT trends while giving artists and fans an immersive, community-driven way to share their music.
Carter is a strong advocate for music and technology in the Middle East. He founded AudioSwim to address some of the industry's most pressing issues. According to him, their technology will open up new avenues for artists to earn money.
"The company means a lot to me because it allows me to help advance the music industry." I know how difficult it is for artists to gain popularity and monetize their fan base as former artists and music managers.”
"What we offer is a solution to widespread problems in the music industry." Rather than being controlled by record labels, we assist artists in involving their fans in action by providing investment opportunities."
The music streaming economy in the Middle East is set to be valued at $22 million by 2024. AudioSwim, Rym, and Skales agree that the time has come to expand that audience and provide new sources of revenue to artists and the industry.