Whiplash March 18 news, streaming music service Spotify is reportedly planning to integrate blockchain technology and non-homogeneous tokens (NFTs) in its streaming services, which has made the cryptocurrency and music industries quite excited, and believes that it is expected to use NFTs to increase the income of artists.
Two recent job postings show spotifying talent for Web3-related projects.
The so-called Web3 refers to a network backed by a blockchain that cryptocurrency proponents hope will regain control of the internet from the hands of tech giants.
Meta CEO Mark Zuckerberg also confirmed this week that the company's Instagram will soon support NFTs as well. Other social media companies, including Twitter and Reddit, are also developing new features for showcasing or trading NFTs.
Musicians such as Snoop Dogg and DJ Steve Aoki have also become well-known NFT collectors, while Kings of Leon and Grimes have also sold their own musical compositions in NFT fashion.
Large record labels such as Warner and Universal have also partnered with NFT projects, including virtual brands with the bored Ape Yacht Club role.
Startups, including Royal and Catalyst, have begun selling NFTs made by musicians, and they typically advertise cryptocurrencies as a business model that can replace streaming services like Spotify, claiming that the model is more profitable and doesn't have to pay commissions to the platform.
It is reported that Spotify's recruitment in the NFT field seems to be in the exploratory stage. The company mentioned Web3 in its "Experimental Growth" team's engineer recruitment postings: "This small but complete team is responsible for driving growth through new technologies like Web3. ”
Another job posting for Spotify, which recruited a manager for Innovation and Market Intelligence, indicated that the streaming music service plans to seek out someone with experience in "content, creation, media Web, and emerging technology industries" to help define "Spotify's moonshot program." In the tech industry, a "moon landing plan" refers to ambitious new projects.
Spotify declined to comment.