Spotify is planning to integrate blockchain technology and non-fungible tokens (NFTs) in its streaming service, a move that makes the cryptocurrency and music industry. They are all very excited and believe that they are expected to use NFT to increase the income of artists.
Two recent job postings show that Spotify plans to recruit for projects related to Web3. The so-called Web3 refers to a blockchain-powered network that cryptocurrency proponents hope will retake control of the internet from the tech giants.
Before Spotify, many technology companies have also joined the NFT wave to meet the challenges of cryptocurrency startups. Meta CEO Mark Zuckerberg also confirmed this week that the company’s Instagram will soon support NFTs as well. Other social media companies, including Twitter and Reddit, are also developing new features for displaying or trading NFTs.
NFTs use blockchain technology to confirm ownership of digital assets. According to market tracker Nonnfungible.com, NFT transactions hit $17.7 billion last year, the vast majority of which were virtual art, games and collectibles.
Although the growth rate of the frothy NFT market has slowed in recent weeks, many in the cryptocurrency industry believe that music is expected to be a flashpoint for new application models in the NFT industry. For example, you can use this to sell digital records, or use NFTs to unlock concert-related businesses, including licensed merchandise and backstage passes.
Musicians such as Snoop Dogg and DJ Steve Aoki have also become well-known NFT collectors, while Kings of Leon and Grimes have sold their music as NFTs. Major labels such as Warner Bros. and Universal have also partnered with NFT projects, including virtual labels featuring the Bored Ape Yacht Club character.
Startups including Royal and Catalog have started selling NFTs made by musicians, often touting cryptocurrencies as a business model that could replace streaming services like Spotify, claiming that the model is more lucrative and doesn’t have to be paid to the platform. Pay commission.
Spotify’s hiring in the NFT space appears to be exploratory. The company mentions Web3 is an engineering job posting for its “experimental growth” team: “This small but complete team is responsible for driving growth through new technologies like Web3.”
Another job posting for Spotify is for a manager in its “innovation and market intelligence” department, indicating the streaming music service plans to seek someone with experience in “content, creation, media web and emerging technology industries.” talent that helped define “Spotify’s Moonshot.” In the tech industry, “moonshots” refer to ambitious new projects.
Spotify declined to comment on the NFT plans.
The Web3 hire isn’t Spotify’s first foray into cryptocurrency: the company was an early collaborator on Facebook’s ill-fated cryptocurrency project, Diem.
When the project launched under the name “Libra” in 2019, Spotify CEO Daniel Ek said via a podcast that cryptocurrencies and blockchain could allow “users of services like Spotify to Paying Artists Directly”, especially to facilitate cross-border payments and traditional bank accounts are not commonplace.
“This will open up huge opportunities. Overnight, users in Japan may be able to pay creators in Argentina. It will also open up huge opportunities for us to continue our mission,” Ike said at the time.