Spotify, the Swedish music streaming app with worldwide reach, has begun taking steps to join the Metaverse as the Web3 world expands. The media services company has reportedly launched a virtual island mirroring the real-world company’s services in the Metaverse.

The novel digital arena allows Metaverse visitors to access a unique island with musical themes. Spotify’s digital island lets users try out different music, dance, and tell others about what they’re doing in the digital world.

The music streaming software asserts that musicians can utilize the Metaverse project to reach out to their fans and earn cashable rewards via virtual products on internal games in the arena. Reports say that the music services firm achieved the fear via an alliance with an Internet-based gaming service company, Roblox.

The gaming company has reportedly assisted with setting up a system for Spotify that would permit users to set up and tell others about their experiences in the digital world. Moreover, the island showcases green, similar to the music streaming app’s brand, and other symbols related to Spotify’s logo.

Passive-Income Earning Opportunities

Users can earn passive income when musicians and listeners converse in the digital space. Games within the digital trading floor can offer different money-making opportunities for interested individuals.

Moreover, listeners could set up connections, relate to virtual areas, and access specialized digital deals. Roblox, a renowned gaming service for young people, is known for its extensive activities in Web3.

Drops DAO Launches a Platform that Uses NFTs as Loan Collateral.

Drops DAO, a decentralized lender, has reportedly set out its mainnet, which would allow interested persons to get credit facilities and enjoy all features on its system. According to the organization’s announcement on Wednesday, users on its new mainnent would access credit facilities for decentralized finance assets, non-fungible tokens, and other products in the Metaverse.

The new provision allows users to utilize their assets for collateral while offering extra usage possibilities. The development also implies that users could now get credit facilities outside the conventional platforms. Moreover, the new project will reportedly facilitate utility growth for Web3 projects.

The organization, which began early last year, has reportedly fundraised about $1 million to set up these NFT-collateralized credit facilities from notable stakeholders in the digital assets world. Many angel investors reportedly have their funds in the project’s seed capital.

Bitlocus Aligns with Striga to Launch Crypto Visa Card

Bitlocus, a financial services company that allows users to connect local currency with digital assets, recently launched a visa card that could permit users to utilize their virtual assets’ wallets to purchase items from brick-and-mortar stores. Reports say the Visa cards would use their virtual assets in executing settlements or receiving payments via POS and ATMs.

The Visa Card’s owners with digital assets would also be able to purchase products over the Internet. Users can reportedly own cards in hard-copy d digital formats. The company announced that it would give further information about how intending owners can have one.