Spotify Currently Working on More Ways to be Part of NFTs
This new step towards NFT use is not the first that Spotify has taken into the crypto and tech spaces. In 2019, Spotify was one of the first companies to collaborate with Facebook on their cryptocurrency dream, then named Libra. The project, later renamed Diem, ended up failing but that has not discouraged Meta or Spotify.
Another job posting for Spotify asked for a project manager for their ‘Innovation and Market Intelligence’ group. Some of the requirements for this position include a person with expertise in fields such as content creation, media skills, Web3, and novel technology.
This already indicates that the company is better informed than they were in the past and is approaching this new step into the tech space from a different angle and with more credentials.
At that time, the Chief Executive of Spotify, Daniel Ek expressed his thoughts on the inclusion of blockchain technology onto the platform. On a company podcast, he talked about how the integration of blockchain technology to the platform could benefit both artists and users as users will be able to pay artists directly while artists can sell their music more globally, circumventing complications that may arise regionally when it comes to financial institutions and payment options.
Spotify continues to take mostly undisclosed steps at this time but one can be sure that the company will proceed diligently until they find suitable means to support NFTs on their platform.
Major Tech Companies Continue to Invest in NFT
Leading this wave of tech companies investing in and integrating NFTs into their platform is Twitter. Twitter recently updated its platform to allow users to post NFT profile pictures. The site is also a hub for news, updates, and conversation about NFTs, as well as advertising and trade as many of its users are plugged into the craze.
NFTs are units of data powered by blockchain technology. They represent creditable ownership of items. These items can range from artworks and music files to games and memorabilia. NFTs can be bought and sold and can only belong to one person at a time. The introduction of NFTs to the crypto space a few years ago brought about a new way to verify ownership as well as trade goods on the internet. NFTs cannot be replicated or shared and they are only increasing in popularity as time goes by.
Spotify has made moves to put a leg in the NFT game. The platform released two job postings recently looking for personnel to participate in early state developments of certain projects. These projects have been reported to have connections to Web3, the network powered by blockchain energy that tech and crypto connoisseurs are already beginning to operate with.
While the details of these projects are still under wraps, it is clear that Spotify intends to join the crypto competition as companies figure out how to integrate these new technologies into their platforms.
NFT Attractes because of Its Solid Blockchain Technology
NFTs have grown popular for several reasons and, according to different sources, hold significant advantages to traditional market structures. NFTs provides an efficient and direct means of trade that is mostly decentralized.
They also ensure proper ownership rights for digital assets and intellectual property. The blockchain technology that powers the tokens is incredibly secure. Blockchain technology makes sure that data cannot be replicated, stolen, hacked, edited, or altered in any way. NFTs are also efficiently recorded and transactions between NFTs are straightforward.
They are also in more demand than ever now which means that this is the best time to connect to the trend and invest.
Celebrities have being Pioneers
Artists like Snoop Dogg, Grimes, and Steve Aoki have been vocal supporters of NFTs, either by selling their music as NFTs or being collectors. This has caused mass excitement in spaces where the worlds of music and NFTs intersect as people ponder on all the possibilities this can provide. With the use of NFTs, artists can sell their music directly to listeners and also ensure ownership and credibility of their work.
In the last year, NFT trade saw up to $17 billion worth of profit and this was mostly through sales of games and artworks. This year, crypto enthusiasts and analysts have speculated that the music space would be another lucrative industry that could benefit from the application of NFTs.
There are already some start-ups where musicians can sell their NFTs such as Catalog and Royal. These have been growing in popularity in comparison to streaming services like Spotify due to the fact that Spotify only pays artists small revenues per stream.
Earlier META Announced NFTs Minting on Instagram
Just this week, it was announced that another big company would be integrating NFTs to their platform- Instagram. Meta CEO, Mark Zuckerberg, announced that the company has begun the process of figuring out how to support NFTs on their platform.
This is not the first that has been heard of Instagram exploring the NFT space but it seems that significant progress has been made since the last updates. Meta and its CEO Mark Zuckerberg have been keenly interested in technology for years, as the company hosts multiple lucrative social media platforms.
The long-term plans of Meta are geared towards an interconnected virtual space and NFTs are just one step closer to this. Though it is important to note that the applications of NFTs to a platform are highly dependent on the platform itself, its major demographic, and its uses.
Zuckerberg has not been willing to share any intimate details on what directions the company will be taking to include NFTs in its operations. However, he made sure to assure users that Instagram is working towards allowing users to make use of NFTs on the platform at a recent South by South West Conference.