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Is Spotify the latest tech behemoth to embrace NFTs?

Spotify intends to incorporate non-fungible tokens (NFTs) as well as blockchain technology. It intends to incorporate NFT technology into its streaming service in order to increase the earnings of its artists.

The move has sparked interest in the crypto and music communities. Spotify, according to a pair of job postings, is looking for employees who can work on “Web3” projects in the early phases. “Web3” is a buzzword in the IT world. It’s a blockchain-based network, and a few crypto enthusiasts are hopeful that Web3 will reclaim control of the internet from the Big Tech companies that currently dominate it.

Spotify, the latest tech behemoth, wants to integrate NFT into its service in order to gain an advantage over the competitors in the crypto field. Mark Zuckerberg, the founder of Facebook, said a few days ago that Instagram would soon begin taking NFTs. Other social media heavyweights, like as Reddit and Twitter, are also seeking to include NFTs into their services.

The blockchain can be used to verify ownership of NFTs. According to the NFT network, $17.7 billion in collectibles, games, and visual artworks were traded last year. Despite the fact that the rise of NFTs and crypto has lately slowed, many people predict that the music business will be the first to resume its rising trajectory.

The application might involve employing non-fungible tokens to unlock advantages such as backstage passes or merchandising, as well as selling and buying digital albums. DJ Steve Aoki and Snoop Dogg are already collectors of NFTs, and artists such as Grimes and Kings of Leon have previously sold NFTs of their tracks. Catalog and Royal are two start-ups that offer NFTs from musicians. With Web3, Spotify is still investigating the idea. They’ll be known as the “experimental growth” squad, according to recent personnel recruitment. The full-stack small team would be in charge of fostering growth in this sector, according to the ad.

In the meantime, Spotify has remained silent on the latest developments.

Written by IOI

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