Spotify is hiring a team to integrate various Web3 capabilities such as NFTs on its platform, according to a recent job posting.
Spotify is a Swedish-based media and music streaming service. It had over 406 million monthly active users as of December 2021, including 180 million paying clients, making it one of the most popular music streaming sites.
Non-fungible tokens, or NFTs, are non-transferable data units created and stored on a blockchain. The blockchain, which is a form of digital ledger, is also used to sell and exchange NFTs. Digital assets such as photographs, movies, and audio can be connected with NFT data units of various forms.
The music streaming service would not be the first to use Web3 technologies such as NFTs. In January of this year, the microblogging site Twitter introduced a function that allows users to share images of NFT displays. In addition, Mark Zuckerberg, the CEO of Meta, revealed last week that Instagram, a photo and video-sharing social media site, plans to integrate NFTs into its platform.
NFTs were first brought to Twitter in the form of photos. Instagram is likely to follow suit and include NFTs as photographs on its site. Spotify, as a music streaming company, is most likely to incorporate NFTs in audio format on its platform.
This isn’t the first time that NFTs and music have collided. To ride the Web3 bandwagon, Justin Blau, Kings of Leon, Don Diablo, Jacques Greene, and others have produced their music in the form of NFTs.
Regardless of how Spotify integrates NFTs into its platform, it will be intriguing to see how people respond to this new option. Twitter’s attempt to integrate NFTs into its platform was a success. The robust NFT community on the platform could account for this. Despite the positive reception, some people have criticized Twitter’s decision to include NFTs on its site. One of the most outspoken opponents of this move was Elon Musk.