Spotify plans to add Non-Fungible Tokens (NFTs) along with blockchain technology. The objective is to grow artists’ income through appending NFTs technology in streaming activities.
The proposed actions could bring enthusiasm to both the music and crypto industries. For example, a few job advertisements depict that Spotify requires people to perform for launching the “web3” roadmap. Web3 is a tech buzzword for a blockchain-powered network. A few crypto lovers believe in competing with the management of powerful tech platforms excelling their position on the internet right now.
Spotify is a dominant player in the tech industry, and the firm is planning to strengthen its competitive edge in the industry by offering NFTs as its services segment. Mark Zuckerberg, CEO of Meta, had already raised a similar approach that Instagram may soon acknowledge NFTs as part of the business dealings. Apart from the above two entities, other social media, Twitter and Reddit, might plan to add NFTs as part of their facilities.
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Per the NFT matrix, visual artwork, games, and collectibles valued at $17.7 billion were traded last year. Therefore, many people trust recent steps taken by the music space could increase the upward growth of the NFTs, which is currently declining at a fast pace.
The application could attract users by offering several attractive benefits like selling and purchasing digital digests, merchandise, and backstage passes in response to using Non Fungible Tokens (NFTs). Snoop Dogg and DJ Steve Aoki are already forced their admirers to transact NFTs. In addition, Kings of Leon and Grimes had already traded in NFTs against their songs.
Spotify is approaching the possible move with the help of web3. The employees recently recruited will be regarded as team members deployed “experimental growth. The ad briefed the responsibility of full-stack small team members for speeding development in the crypto sector.
Spotify Job Listings
Spotify has also advertised job listings stating the requirement of a team for the futurist and having oversight in the long-term strategy, industry, competitive advantage, business bits of intelligence design of Spotify Moonshots.
Spotify is looking for a senior manager to look into market intelligence and search exponential growth in opportunities for Spotify.
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Daniel Ek, CEO of Spotify, briefed to a digital broadcast that customers’ permission to use cryptocurrency could encourage them to like Spotify. Ek stated in a statement:
That can open up enormous open doors where out of nowhere, a client in Japan could pay a maker in Argentina. What’s more, that opens up tremendous open doors for how we can advance our main goal.
Featured image from Pixabay, chart from Tradingview.com