Web3 is the most current version of the internet. Spotify is now looking for someone to work on early-stage Web3 projects. Since last year, non-fungible tokens and digital collectibles have been a viable option for musicians trying to diversify their revenue streams, with early adopters like Snoop Dogg and Steve Aoki. The move is seen as an attempt to increase artist revenues in the middle of the NFT boom. The Swedish audio streaming and media services company has advertised for Web3 expertise.Īccording to a Financial Times story, Spotify plans to incorporate blockchain technology and non-volatile memory into its streaming services. The vast majority of the $17.7bn worth of NFTs traded last year were for visual artworks, games and collectibles, according to market tracker intends to produce non-fungible tokens (NFTs) and digital collectibles to complement its current offerings. NFTs use blockchain technology to certify ownership of digital assets. Other social media companies, including Twitter and Reddit, are also working to build new features for displaying or trading NFTs. This week, Facebook founder Mark Zuckerberg confirmed a Financial Times report earlier this year that Instagram would soon start to support NFTs. Spotify is the latest tech giant to venture into NFTs and head off potential competition from crypto start-ups.

Financial Times: 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 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.

Spotify plans to nft digital craze