Spotify Draws Up Plans To Join NFT Digital Collectibles Craze

Spotify may be the latest service to adopt NFTs. According to the Financial Times, the company is "drawing up plans to add blockchain technology and non-fungible tokens to its streaming service, fueling excitement in the crypto and music industries about the potential of NFTs to boost artists' earnings." It comes just days after Mark Zuckerberg confirmed NFTs will soon be coming to Instagram. From the report: 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's recruitment in the sector appears to be at an exploratory stage. It pointed to Web3 in a recruitment notice for an engineer on its "experimental growth" team. "This small and full-stack team is responsible for driving growth through new technologies, like Web3," the ad said. A separate Spotify job listing, for a manager in its future-gazing "Innovation and Market Intelligence" group, shows the music streaming service is looking for a candidate with experience in "content, creator, media, web3, and emerging technology industries" to "help define Spotify Moonshots," a term for ambitious new projects. The report goes on to note that Spotify "was an early collaborator on Facebook's ill-fated cryptocurrency project, Diem." Daniel Ek, Spotify's chief executive, told a company podcast back in 2019 that cryptocurrencies and blockchain could allow users of "a service like Spotify [...] to be able to pay artists directly," especially across international borders or in regions where few people have traditional bank accounts. "That can open up massive opportunities where all of a sudden, a user in Japan might pay a creator in Argentina. And that opens up huge opportunities for how we can further our mission."

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