Spotify Adds NFT Integration to Its Streaming Platform

Spotify is getting ready for its breakthrough in Web3. Two new job advertisements indicate that the company wants to enter the NFT and Web3 markets

Swedish streaming giant Spotify is making moves to add blockchain and NFT to its services. It is a great joy for artists whose earnings could be significantly increased.

Recent job advertisements reveal that Spotify is looking for people to work on Web 3.0. This is a collective term for a decentralized form of the Internet based on blockchain technology.

One of the announcements indicates an exploratory approach to Web 3.0. In addition, the company is looking for an employee of the engineering department to join the "experimental growth" collectively responsible for "driving growth through ... Web 3.0". Another offer is for a manager who will join the group " Innovation and Market Intelligence ". Spotify is looking for people with expertise in "content, creator, media, Web 3.0 and industries related to new technologies" to properly represent the scope of ambitious projects.

Spotify joins the roster of big tech companies entering the Web3 and NFT market. It does so after Mark Zuckerberg, Meta's CEO, announced this week that the Instagram NFT feature will soon be added to its platform.

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Earlier this month, Limewire, the former peer-to-peer (P2P) file-sharing platform, announced it would be making a comeback as an NFT marketplace. It wants to strive to become a "more mature platform" that will follow in the footsteps of its rival BitTorrent following its acquisition by TRON founder Justin Sun in 2018.

Total NFT trading volume is showing signs of a slowdown in 2022. This prompts the cryptocurrency industry to consider music as another lucrative NFT medium. There is an opportunity to sell digital albums or grant special privileges at live events.

NFTs become popular as artists are fighting for income

Blockchain music platforms Royal and Catalog have started selling NFT music tracks. They advertise them as a more lucrative revenue stream than streaming services. In contrast, these pay the artists a low royalty every time the song is streamed.

The Royal website, founded by a DJ and producer 3LAU, allows musicians to sell the property rights to their songs to collectors. In turn, it provides collectors with access to additional benefits. The royalties are earned by both collectors and artists. The catalog allows artists to upload music to their platform for free, so they can reap 100% of the original selling profits.

The American rock band Kings of Leon and the Canadian musician, singer and songwriter Grimes have released their songs in the NFT format. Major labels Warner and Universal Music Group have signed contracts for NFT projects. They include a virtual team with members of the Yuga Labs Bored Ape Yacht Club collection.

Spotify's partnership with Diem

Spotify has ventured into the crypto sector before. This platform was an early partner on the now-defunct Facebook cryptocurrency project, Diem. The goal then was to use blockchain and cryptocurrency to pay artists directly. Even if they did not have access to bank accounts.

Spotify's CEO at the time said the partnership with Diem could open up opportunities for creating links between artists and users across continents.

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