![]() That said, because the phosphoramidite approach has been inexpensive and efficient, it has been central to SynBio for decades.Īnalyzing nature, researchers recently discovered another SynBio solution-enzymatic DNA synthesis. Phosphoramidite also causes hazardous byproducts. Oligos longer than 300 base pairs (bps), for example, tend to be error-prone. Since 1981, chemists have synthesized DNA with phosphoramidite, an efficient approach but one with several drawbacks. Diagnosticians use synthetic oligos, for example, to calibrate and verify the performance of both PCR and sequencing-based tests for COVID-19. Central to SynBio is the ability to assemble DNA from its four canonical bases (A, T, G, and C), creating oligonucleotides or ‘oligos’, for many healthcare applications. Synthetic biology (SynBio) is a rapidly growing field of science that engineers organisms and biomolecules with novel properties not found in nature. Last week, for example, EDM music producer 3LAU sold 33 unique tokens for more than $11.6 million, the NFTs redeemable for “special edition vinyl, unreleased music, and special experiences.”ĪRK believes that NFTs will unlock more value for content creators than any platform in history. By contrast, digital creators can monetize their followers directly with NFTs, selling unique digital content without intermediaries. These centralized platforms then monetize the content with ads or subscriptions, paying content creators a percentage of the profits. Today, to monetize digital content, content creators can upload it to Instagram, YouTube, TikTok, Spotify, and other social networks. One of the first implementations of this standard was the digital collectible game, CryptoKitties, which allowed players to purchase, collect, breed, and sell virtual cats. Since then, NFTs have evolved to include digital real estate, video game items, digital art, and music.ĭespite its rapid growth recently, we believe NFT use is nascent. In August 2017, NFTs debuted on the Ethereum Network with the ERC-721 token standard. Unlike interchangeable units like bitcoin, an NFT is a unique asset. At an average subscription fee of $13 per month, therefore, TIDAL had roughly 1.6 million subscribers in 2019.Ī non-fungible token, or NFT, is a cryptographic asset that represents digital uniqueness. *TIDAL’s parent company disclosed subscription revenue of $166 million in 2019. Ultimately, the partnership could reinvigorate TIDAL’s original mission, giving artists the opportunity to build relationships with fans by offering exclusive content.Ĭonsistent with Taylor Swift’s belief that music is rare and valuable, Square’s deep crypto expertise could enable TIDAL artists to sell non-fungible tokens (NFT), a topic we discuss below. Perhaps more important, Square and TIDAL together could disintermediate record labels by offering artists loans backed by the cash flows associated with their streaming revenue, much like Square underwrites business loans based on merchant cash flows. Leveraging learnings from its partnership with Spotify, Cash App could enable TIDAL artists to sell merchandise powered by Square eCommerce, increasing both the engagement and reach of both platforms. Cash App’s partnerships with musicians have integrated it into urban culture, accelerating the digital wallet’s growth. Why did Square acquire TIDAL? In our view, the partnership is a more natural fit for Cash App than most observers might expect. Today, the streaming service seems to serve only 1 million users,* down from 3 million in 2016 and a fraction of Spotify’s and Apple Music’s 155 million and 60 million premium subscribers, respectively. In 2019, even Jay-Z seemed to reject TIDAL’s value proposition when he offered his music catalogue to competitor Spotify. Unfortunately, TIDAL did not live up to high expectations and faced criticism focused on artist compensation and inflated user numbers. In 2014, Taylor Swift criticized music streaming in a Wall Street Journal op-ed stating, “Music is art, and art is important ” and that “valuable things should be paid for.” Jay-Z was not alone in his concern that technology was diluting the value of music by offering it for free. TIDAL attracted high-profile artists to take ownership positions in the platform and market to their fans paid subscription tiers for exclusive content and high-quality streaming. In 2015, Jay-Z acquired the struggling music streaming service for $56.2 million out of frustration that “ people are not respecting” music. Last week, many investors wondered why Square announced a $297 million deal for a majority stake in TIDAL.
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