Streaming Giant Spotify Is Planning On Adding NFTs To Its Services

According to several new jobs posted by the platform, it seems that the company is looking for individuals who are skilled in the world of blockchain technology.

Joining the Bandwagon

The Swedish -based music streaming platform, Spotify is on the verge of adding NFT and blockchain support, looking to gain a significant advantage over its competitors, meanwhile also providing many deserving artists a chance to shine. Regarding some recent job postings issued by the platform, it is seen that the platform is looking for certain individuals who are skilled in the concepts of Web3, which basically means that they should have experience working with decentralized blockchain technology.

Opportunities by Spotify

Looking at the opportunities provided by Spotify, one of the job posts is looking for an engineer who can help the firm to explore the concepts of Web3 and will be responsible for the growth in Web3. Another one of the job requirements includes a manager who will be a part of the “Innovation and Market Intelligence” group, basically highlighting that Spotify is looking for an experienced person who is skilled in the fields of content, media and upcoming technological industries, in order to define the scope of the upcoming unique set of projects.

Current Market Status

There are currently many examples of massive companies have started to take interest in the world of cryptocurrencies and blockchain technology, with the recent development coming in from META CEO, Mark Zuckerberg, who revealed that the massively popular image sharing application, Instagram will be adding support for NFTs in the coming future.

Regarding the current market status, NFTs have seen quite a significant amount of loss in trading numbers, but it seems that crypto experts are now leaning towards the music industry to be the next driving force that will carry the power of NFTs, utilizing digital album and providing special access to live events for certain NFT holders.

The Diem Project

This isn’t the first time that Spotify has engaged with the crypto market, as the platform was a partner in the crypto project known as Diem, which was hosted by Facebook and has currently been ditched. The purpose of the Diem project was to utilize blockchain technology and cryptocurrencies in order to provide a way to pay artists in a direct way without having the need for bank accounts. CEO of Spotify did comment about Diem, saying that the project could have boosted artist and user interaction to new levels.

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