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Blockchain

Spotify Intends to Add NFTs to Streaming Service: Report

Spotify, a Swedish audio streaming and media companies supplier, seems to plan to add blockchain expertise and non-fungible tokens (NFTs) to its streaming service.

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The agency lately posted two job openings that indicated that the streaming firm is exploring the chance with Web3.

Spotify is presently looking for to recruit individuals to work within the early levels for “Web3” initiatives. According to the advert assertion by the corporate: “The hiring of Spotify in the sector seems to be in the first phase of exploration. A vacancy asks for an engineer for its experimental growth team. The full-stack small team that will be responsible for driving growth through new technologies, such as Web3.”

Spotify additionally has one other job supply that appears for a supervisor within the Innovation and Market Intelligence group. The job posting mentioned: “The streaming company is looking for a candidate with experience in the content, creator, media, Web3, and emerging technology industries” to help Spotify in defining Moonshots, a time period for bold new initiatives.

Spotify is the newest big within the tech area looking for to make NFT part of its streaming service to improve higher choices, improve artist earnings, and make a step forward within the competitors within the crypto area.

However, the corporate has not commented on the newest developments.

Optimizing Streaming Capabilities

The transfer indicators that Spotify’s curiosity in blockchain expertise is considerably rising. Three and a half years in the past, the agency first expressed its curiosity in that space by buying a startup known as Mediachain Labs. Spotify acquired the Brooklyn-based blockchain startup Mediachain Labs, whose workforce joined the corporate’s workplace in New York to work on growing higher expertise for connecting artists and different rights holders with the tracks hosted on Spotify’s service.

Before the acquisition, Spotify had developed a number of applied sciences that might help in such efforts, together with a decentralized, peer-to-peer (P2P) database to join functions with media and its data, together with an attribution engine for creators, and a cryptocurrency that rewards creators for his or her work.

A number of years in the past, Spotify invested $10 million in Facebook’s Libra cryptocurrency and grew to become one of many founding members of the Libra cryptocurrency initiative.  

Every world digital subscription service (corresponding to music or different issues) is rigorously watching the cryptocurrency and digital funds area. Spotify is hiring individuals to assist it determine what to do with such rising applied sciences.

Image supply: Shutterstock

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