Spotify, the Swedish streaming powerhouse, plans to integrate blockchain and NFTs into its services, much to the delight of musicians whose profits might be significantly boosted.
According to recent job listings, Spotify is looking for someone to work on Web 3.0, a decentralized version of the internet based on blockchain technology.
One job posting suggests an exploratory excursion towards Web 3.0, with the possible engineering recruit joining an “experimental growth” group tasked with “driving growth through…Web 3.0.”
Another job posting is for a manager to join Spotify’s “Innovation and Market Intelligence” division. The company is looking for someone with “content, creator, media, web3, and new technology sectors” expertise to effectively define the scale of ambitious initiatives.
Spotify to soon join the NFT bandwagon
Following Meta CEO Mark Zuckerberg’s revelation earlier this week, Instagram will soon be introducing NFT functionality to its platform.
Spotify has joined the list of prominent technological businesses dabbling in Web3 and NFTs.
Limewire, the ancient peer-to-peer (P2P) file-sharing platform, announced that it would be returning as an NFT marketplace earlier this month. It seeks to become “a more mature platform” after being acquired by TRON inventor Justin Sun in 2018.
The amount of NFTs transacted has begun to decline in 2022, causing crypto experts to predict that music will be the next lucrative vehicle for NFTs, whether through the sale of digital records or the provision of unique privileges at live performances.
Spotify has dabbled in cryptocurrencies before as an early collaborator in Facebook’s now-defunct Diem cryptocurrency project.
The idea was to pay artists directly via blockchain and cryptocurrencies, even if they didn’t have access to bank accounts.
Integrating NFTs and music will revolutionize the music industry. Identifying the true potential of NFTs, music labels and artists are diving into the world of crypto and NFTs.
NFTs aren’t just another fashionable acronym. NFTs appear to be on the cusp of revolutionizing the music business, based on their value propositions of more fair remuneration, more collabs and remixes, and tried-and-true scarcity arguments.
NFTs must continue to reinvent themselves and evolve aesthetically, much like the performers they support.