Spotify intends to produce non-fungible tokens (NFTs) and digital collectibles to complement its current offerings. The Swedish audio streaming and media services company has advertised for Web3 expertise.
According to a Financial Times story, Spotify plans to incorporate blockchain technology and non-volatile memory into its streaming services. The move is seen as an attempt to increase artist revenues in the middle of the NFT boom.
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.
Spotify is now looking for someone to work on early-stage Web3 projects. Web3 is the most current version of the internet. It is the technology that drives the trendy term “metaverse,” as well as digital collectibles and near-field communications (NFTs).
Even more noteworthy is the fact that, despite the growing popularity of NFTs and other Web3 efforts, fashion labels, luxury automobile manufacturers, and large retailers have rushed to file trademark applications in connection with them.
While some businesses have yet to register their trademarks, others, such as Nike, have already issued digital souvenirs to celebrate their launch.
YouTube, like another streaming service provider, sought Web3 talent after announcing intentions to merge NFTs and collectibles with creative tools.
The huge online video publisher said that creators would be allowed to mint NFTs of its popular short video clips, dubbed “YouTube Shorts,” enabling them to make additional revenue.