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