Swedish audio streaming service, Spotify might hop onto the blockchain and NFT bandwagon. The speculation arises from two recent job ads posted by Spotify.
Spotify is hiring people to work on early-stage projects related to Web3.
Spotify is developing plans to incorporate blockchain technology and non-fungible tokens into its streaming service, fueling speculation in the crypto and music industries about the potential of NFTs to increase artist earnings.
Since the inception of the concept of NFTs, most of the market buying and selling has taken place of visual art, collectibles and games.
2022 has however seen the music industry enter the realm of this fever dream. Universal Music Group has announced the launch of an NFT collection for its record labels and artists. Warner Music Group has partnered with The Sandbox, to build the first music metaverse.
Snoop Dogg has ventured deep down this road from owning the famous BAYC NFTs to dropping his own Death Row Mix:Vol 1 NFT.
“This small and full-stack team is responsible for driving growth through new technologies, like Web3,” said Spotify’s ad. Spotify still seems to be in the exploratory stage of its Web3 journey.
The use of NFTs in the music industry will allow artists to be paid more fairly as well as generate more income by selling digital albums and NFTs for exclusive and backstage content, merch and unreleased music.
