![]() ![]() That could include selling digital albums or using NFTs to unlock perks at gigs, from merchandise to backstage passes. The vast majority of the $17.7bn worth of NFTs traded last year were for visual artworks, games and collectibles, according to market tracker .īut even as the frothy NFT market has shown signs of deceleration in recent weeks, many in the crypto industry have tipped music as a breakout new application for NFTs this year. 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. ![]() It pointed to Web3 in a recruitment notice for an engineer on its “experimental growth” team. Spotify’s recruitment in the sector appears to be at an exploratory stage. Start-ups including Royal and Catalog have begun selling NFTs created by musicians, often pitching the crypto tokens as a more lucrative alternative business model compared with streaming services such as Spotify, which pay out fractions of a penny for every time a song is played. Major labels Warner and Universal have forged partnerships with NFT projects, including a virtual band featuring characters from the Bored Ape Yacht Club. The social media company also stated that it will not charge users for using or sharing its NFT. Last week, Meta revealed its plan to provide NFT support for collections on multiple blockchain networks, including Ethereum, Polygon, Solana, and Flow. However, we must accept that the sector is more exciting and promising as a result of increased participants, who have a faster pace, a clearer vision, and abundant financial resources for deployment and development. The NFT playground is not just for major businesses, IT giants worth hundreds to billions of dollars. Spotify plans nft digital collectibles crazes ![]() Spotify plans nft digital collectibles crazee Spotify plans nft digital collectibles crazed Spotify drawn up plans to join nft digital collectibles craze Spotify draws up plans to join nft digital collectibles craze ![]()
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