Toronto, Ontario – (Newsfile Corp. – November 30, 2021) – CoinAnalyst Corp. (CSE: COYX FSE: 1EO) (“CoinAnalyst” or the “Company“), a company that provides an artificial intelligence-based big data analytics platform which delivers detailed AI-powered analysis of market sentiment, fundamentals, and technical indicators to investors in the digital asset sector and other industries, announced today its plans to roll out an enhanced Sentiment Analysis for passion-based NFTs.
“2021 has seen the meteoric rise of the non-fungible token (NFT). The data we collect shows a strong correlation between passion and investment, which is especially true with NFTs. As passion grows for a particular art, the price increases. Adding these indicators will allow our sentiment analysis to evolve in a big way as Web 3.0 emerges.” said Andrew Sazama, COO of CoinAnalyst.
In an August 19, 2021, article entitled: 1,000 true fans? Just two will do with NFTs, Li Jin of Atelier describes the passion economy as an economic system that allows and encourages people to make money while following their passions. NFTs are a new tool that assist creators in reaching their true fans and forming lasting relationships with them. (https://cointelegraph.com/magazine/2021/08/19/passion-economy-creators-arent-fungible-li-jin-of-atelier)
NFTs use the blockchain to prove ownership and to confirm the authenticity, scarceness, and uniqueness of a digital asset. While Web 3.0 defines the passion economy through the creation of high-quality content and services.
“An area of particular focus for the Company will be the music industry. Musicians and artists are at the forefront of the passion economy and are seeking alternative ways to monetize. Through partnerships, CoinAnalyst intends to leverage exclusive content which feeds into our big data analytics platform, and ultimately, to our subscribers.” said Pascal Lauria, CEO of CoinAnalyst.
The music industry has been slow to change, locking up artists by controlling production, distribution, marketing, and promotion. For every superstar there are countless others that are beholden to their label. This control, along with rampant piracy, has led artists to find alternative ways to grow their own platforms.
Kurt Patat, the former SVP of Communications at MTV/CMT wrote in a July 9, 2021, article: “Crypto allows performers of all levels to own their financial relationship with fans instead of relying on the traditional record label system and/or tech giants to serve as a middleman. Artists are using NFTs to earn a years’ worth of streaming revenue in one day and unlock unique experiences for fans without relying on a centralized platform to facilitate it. Moreover, crypto gives artists control over their own economic success.” (https://www.fastcompany.com/90651595/for-the-music-industry-cryptocurrency-will-be-as-disruptive-as-mtv)