Spotify plans to integrate NFTs into its platform

Spotify plans to integrate NFTs into its platform

The opening of two jobs related to Web3 and emerging technologies indicates that the streaming services giant does not want to be left behind in the multi-trillion dollar market for non-fungible tokens. Let's dive into this interesting article from Empirex Capital.

It is a reality, Spotify is planning to take over a part of the multi-billion dollar NFT market in its attempt to increase the income of artists who use the platform, according to a Financial Times note published on Thursday 17.

The vacancies are aimed at professionals capable of developing early-stage projects focused on products and services for Web3. The first slot is for an engineer who joins the company's "experimental growth" team. "This entire small team is responsible for driving the growth [of the platform] through new technologies, such as Web3," the announcement reads.

The other seeks a manager for the "Innovation and Market Intelligence" group with experience in "creative industries, content creation, media, Web3 and emerging technologies" who is able to "contribute to the conception of Spotify Moonshots", term used by the company for new projects with disruptive potential.

Contacted by the Financial Times report, the company's representatives preferred not to comment on Spotify's specific plans that led to the opening of vacancies for these professionals.

NFT: a multi-billion dollar market

In 2021 alone, the NFT market moved more than $25 billion, according to data from the dApp monitoring platform, Dapp Radar. While collectibles, earnable in-game characters and items, virtual terrains, and digital artworks have been the main drivers of this sector of the cryptocurrency market, many experts point to the music industry being responsible for popularizing the new cryptocurrencies. use cases of non-fungible tokens in 2022.

For example the sale of digital albums with exclusive bonuses or the use of NFTs to franchise access to personalized experiences at concerts. Fans who purchase their NFT ticket will be able to access exclusive merchandise items and free passes in the VIP and backstage areas.

In the past year, musicians such as DJ Steve Aoki, the band Kings of Leon, Linkin Park vocalist Mike Shinoda, and singer Grimes have explored the innovative features of NFTs to test new revenue-generating and relationship models. with the fans. Bored Ape Yacht Club NFTs have been enlisted by Universal Records to form a Gorillaz-style virtual band, and rapper Snoop Dogg has teamed up with metaverse The Sandbox to create a themed space on the platform.

Created on 25th Mar 2022