Spotify Is Developing Plans to Join the NFT Digital Collecti | NFT NEWS
Spotify Is Developing Plans to Join the NFT Digital Collectibles Craze
Job ads are fueling the hype in the crypto and music industry about the potential of NFT to increase the income of artists
Spotify is developing plans to add blockchain technology and interchangeable tokens to its streaming service, which is causing excitement in the crypto and music industry about the potential of NFT to increase artist revenue.
Two recent job ads show that Spotify is recruiting people to work on early-stage projects related to "Web3”" a technical buzzword for a blockchain-based network that some crypto enthusiasts hope will regain control of the major technology platforms that dominate the modern Internet.
Spotify is the latest tech giant to venture into NFT and prevent potential competition from crypto startups. Instagram Facebook founder Mark Zuckerberg confirmed this week a FT report earlier this year that Instagram would soon start supporting NFT. Other social media companies, including Twitter and Reddit, are also working on creating new features for displaying or trading NFT.
NFTs use blockchain technology to confirm ownership of digital assets. According to market tracker, the vast majority of NFTs sold last year worth $17.7 billion were sold for visual works of art, games and collectibles Nonfungible.com .
But even though the frothy NFT market has been showing signs of slowing down in recent weeks, many in the crypto industry consider music to be a breakthrough new application for NFT this year. This could include selling digital albums or using NFT to get benefits at concerts, from merchandise to backstage passes.
Musicians such as rapper Snoop Dogg and DJ Steve Aoki have already become famous collectors of NFT, while Kings of Leon and Grimes have sold NFT of their music. Major labels Warner and Universal have established partnerships with NFT projects, including a virtual band featuring characters from the Bored Ape Yacht Club.
Startups including Royal and Catalog have started selling NFTs created by musicians, often offering crypto tokens as a more lucrative alternative business model compared to streaming services like Spotify, which pay fractions of a penny for every time a song is played.
Spotify's recruitment in this sector appears to be at the research stage. He pointed to Web3 in the notification about the recruitment of an engineer to his "experimental growth" team. “This small team with a full set of functions is responsible for stimulating growth with the help of new technologies such as Web3,” the announcement says.
