Quick take:
- Spotify is jumping onto the NFT and digital collectibles space.
- The Swedish audio streaming and media services provider is looking to recruit Web3 talents.
- The music industry has been one of the early adopters of NFTs as artists embrace alternative ways of generating income.
Spotify is planning to launch non-fungible tokens (NFTs) and digital collectibles to augment its product offerings. The Swedish audio streaming and media services company has advertised positions for Web3 talents.
According to an article published by the FT, Spotify is drawing plans to add blockchain technology and NFTs to its streaming services. The move is seen as an attempt to boost artist earnings amid the NFT craze.
Non-fungible tokens and digital collectibles have become an exciting option for music artists to scale their revenue generation channels since last year, with some of the leading artists like Snoop Dogg and Steve Aoki among the leading early adopters.
Spotify is currently looking for people to work on early-stage projects related to Web3 projects. Web3 is the latest iteration of the internet. It is the underlying technology for the trendy buzzword called the metaverse, as well as, digital collectibles and NFTs.
Some of the leading brands including social media giant Facebook have already shown their hand in embracing Web3 after rebranding to Meta Platforms last October. The Menlo Park, Calif-based technology giant’s founder and CEO Mark Zuckerberg told SXSW that NFTs will be coming to Instagram within the next several months, confirming reports that emerged earlier this year.
Twitter and Reddit have also pounced on the NFT opportunity, announcing NFT profile verification services.
Even more interesting is the fact that fashion brands, luxury automakers and leading retailers have moved swiftly to file trademark applications related to NFTs and other Web3 projects amid the rising popularity.
Although some brands are yet to act on their trademark filings, others like Nike have already launched digital collectibles to mark their debut.
Like Spotify, another streamings service provider, YouTube also advertised positions for Web3 talents after announcing plans to integrate NFTs and collectibles with creator tools.
The giant online video publisher said it will allow creators to mint NFTs of its popular short video clips, “YouTube Shorts”, creating more revenue streams for its creator community.
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