Spotify is exploring integrating blockchain technology and non-fungible tokens (NFTs) to its streaming service, fueling excitement in the crypto and music industries about how NFTs might impact positively artists’ earnings.
In recent days, Spotify has posted two job postings seeking people for early stage projects based on Web3, a new World Wide Web based on blockchain technology that incorporates decentralization and token-based economics.
A Spotify job listing aims to recruit a senior backend engineer involved with “driving growth through new technologies, like Web3.” The requirements for the job include interests in new technologies and experience in leading explorations and prototyping.
The other job posting calls for the hiring of a “Senior Manager, Innovation and Market Intelligence,” to help lead market intelligence, as well as ideate and design exponential growth opportunities for Spotify. One of the job requirements includes expert knowledge of “emerging trends, technologies, platforms and ecosystems, especially as it relates to the content, creator, media, web3, and emerging technology industries.”
Spotify is the latest tech giant to venture into NFTs and head off potential competition from crypto start-ups.
This week, Facebook founder Mark Zuckerberg announced NFTs will soon be available on Instagram.
Social media companies such as Twitter, which recently released a new feature that enables users to use their NFTs as their profile pictures, and Reddit are also developing new ways to embed NFTs within their platforms.