Spotify plans nft digital collectibles craze

spotify plans nft digital collectibles craze

Spotify is drawing up plans to add blockchain technology and non-fungible tokens to its streaming service, fuelling excitement in the crypto and music industries about the potential of NFTs to boost artists’ earnings.

Two recent job ads show Spotify is recruiting people to work on early stage projects related to “Web3”, a tech buzzword for a blockchain-powered network that some crypto enthusiasts hope will wrestle control back from the Big Tech platforms that dominate today’s internet.

Spotify is the latest tech giant to venture into NFTs and head off potential competition from crypto start-ups. This week, Facebook founder Mark Zuckerberg confirmed a Financial Times report earlier this year that Instagram would soon start to support NFTs.

Spotify draws up plans to join nft digital collectibles craze

Quick take:

  • Spotify is jumping onto the NFT and digital collectibles space.
  • The Swedish audio streaming and media services provider is looking to recruit Web3 talents.
  • The music industry has been one of the early adopters of NFTs as artists embrace alternative ways of generating income.

Spotify is planning to launch non-fungible tokens (NFTs) and digital collectibles to augment its product offerings. The Swedish audio streaming and media services company has advertised positions for Web3 talents.

According to an article published by the FT, Spotify is drawing plans to add blockchain technology and NFTs to its streaming services.

The pilot initiative will include a limited number of NFT users from the United States.

From the milestone marked by Axie Infinity game pioneer, the NFT movement has stimulated the world.

Now, every company wants to look into the possibility of integrating the technology into their product lines. Many experts are afraid that the excessive excitement and speculation could soon convert the trend into an explosion.

The space, on the other hand, couldn’t wait for the boom.
It started transforming, in which the utility of NFTs is explored and expanded in order to be more approachable to newcomers while also giving a fresh taste to industry oldies.

Non-fungible tokens are no longer only collectibles.

Spotify drawn up plans to join nft digital collectibles craze

Rapper Snoop Dogg and Grammy-nominated DJ Steve Aoki are proud NFT collectors, while rock band Kings of Leon and Canadian musician Grimes have sold their music in NFT form. Even major labels like Warner and Universal have collaborated with NFT projects, including a virtual band headlining characters from popular NFT collectibles Bored Ape Yacht Club.

Start-up music platforms Royal and Catalog have also started selling NFTs created by musicians.
Both companies have implied that crypto tokens are a more lucrative alternative business model compared to other streaming services like Spotify. Spotify has been known to pay artists fractions of a penny each time their song is played.

Meanwhile, YouTube is also starting to pool Web3 talents in light of its announcement about integrating NFTs and collectibles with creator tools.

Spotify plans nft digital collectibles crazed

Other social media companies, including Twitter and Reddit, are also working to build new features for displaying or trading NFTs.

NFTs use blockchain technology to certify ownership of digital assets. The vast majority of the $17.7bn worth of NFTs traded last year were for visual artworks, games and collectibles, according to market tracker Nonfungible.com.

But even as the frothy NFT market has shown signs of deceleration in recent weeks, many in the crypto industry have tipped music as a breakout new application for NFTs this year.
That could include selling digital albums or using NFTs to unlock perks at gigs, from merchandise to backstage passes.

Musicians such as rapper Snoop Dogg and DJ Steve Aoki have already become prominent NFT collectors, while Kings of Leon and Grimes have sold NFTs of their music.

Spotify plans nft digital collectibles crazee

Spotify is drawing up plans to add blockchain technology and non-fungible tokens to its streaming service, fuelling excitement in the crypto and music industries about the potential of NFTs to boost artists’ earnings.

Two recent job ads show Spotify is recruiting people to work on early-stage projects related to “Web3”, a tech buzzword for a blockchain-powered network that some crypto enthusiasts hope will wrestle control back from the Big Tech platforms that dominate today’s internet.

Spotify is the latest tech giant to venture into NFTs and head off potential competition from crypto start-ups. This week, Facebook founder Mark Zuckerberg confirmed the FT’s report earlier this year that Instagram would soon start to support NFTs.

Spotify plans nft digital collectibles crazes

Being the number 1 streaming service is more impressive when you consider that the company’s competition includes some of the largest and most capitalized companies in recent history.

Spotify has managed to usurp the likes of Apple and Google in a highly competitive and ever-expanding space. Two things that have made Spotify successful include its company culture and focus on employee well-being and the company’s unrelenting investment in research and development.

Companies that fail to innovate are bound to fail, and Spotify is one of those companies that understand this fact and use this knowledge to drive its activities.

Spotify may be the latest service to adopt NFTs. According to the Financial Times, the company is “drawing up plans to add blockchain technology and non-fungible tokens to its streaming service, fueling excitement in the crypto and music industries about the potential of NFTs to boost artists’ earnings.” It comes just days after Mark Zuckerberg confirmed NFTs will soon be coming to Instagram. From the report: Two recent job ads show Spotify is recruiting people to work on early stage projects related to “Web3,” a tech buzzword for a blockchain-powered network that some crypto enthusiasts hope will wrestle control back from the Big Tech platforms that dominate today’s internet.

Spotify’s recruitment in the sector appears to be at an exploratory stage.
It pointed to Web3 in a recruitment notice for an engineer on its “experimental growth” team.

This small and full-stack team is responsible for driving growth through new technologies, like Web3,” the ad said. A separate Spotify job listing, for a manager in its future-gazing “Innovation and Market Intelligence” group, shows the music streaming service is looking for a candidate with experience in “content, creator, media, web3, and emerging technology industries” to “help define Spotify Moonshots,” a term for ambitious new projects.
The report goes on to note that Spotify “was an early collaborator on Facebook’s ill-fated cryptocurrency project, Diem.”

Daniel Ek, Spotify’s chief executive, told a company podcast back in 2019 that cryptocurrencies and blockchain could allow users of “a service like Spotify […] to be able to pay artists directly,” especially across international borders or in regions where few people have traditional bank accounts.

Spotify is one of the companies that dove head-first into the NFT space, and the streaming giant is set to strengthen its NFT commitment by making it possible for artists to showcase their NFT collections

NFTs in the streaming space

Spotify’s story is one of overcoming the odds, and the Scandinavian streaming giant revolutionized legal music streaming at a time when the world needed a service they could trust. Spotify has shown steady and impressive growth over the years to become one of the most significant technology companies globally.

As of now, when it comes to music streaming, the company is still head and shoulders above its competition.

The interface is unfamiliar to an old-school user like me who still uses Eudora to check and save a backup of everything.

By the way, I’d should also like to point out that both POP and SMTP are handled by servers at pangia.biz, and their website has also been unreachable during this. Instead of Gmail, maybe you would recommend a different provider or service altogether? My work email is fortunately completely separate as of a couple years ago and handled by one.com as they host my website.
It works, but they aren’t anything special really. It’s interesting to imagine the scope of this particular outage.

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