However, these are not the only initiatives of NFT. Snoop Dogg and DJ Steve Aoki have become well-known NFT collectors, but they’re not the only ones.Īmerican rock band Kings of Leon and Canadian singer-songwriter Grimes recently created their respective musical NFTs, while major record labels Warner and Universal Music Group joined the NFT initiative as a virtual team made up of members of Ape Yacht. This could be selling digital albums or buying songs or concert tickets using NFT. The system will be extended to the music industry later this year. Nonfungible reports that the majority of the US$17.7 billion in NFTs created last year were in visual arts, games and collectibles. NFTs, also known as non-fungible tokens, confirm ownership of digital assets through the use of blockchain technology. Other companies, such as Twitter and Reddit, are also developing additional services for NFT exchange. Spotify’s newfound interest in blockchain technology comes after major tech companies such as Meta announced early last week that Instagram would be integrating an NFT capability. The music company wants to enter the field of non-fungible tokens

Spotify has posted two job postings that reflect the platform’s interest in cryptocurrency and Web3-related initiatives, according to the aforementioned source. In response to this new trend and to prevent musicians from fleeing the platform, Spotify is considering integrating blockchain technology and non-fungible alternative tokens into its streaming service. NFTs, or non-fungible tokens, are the most common. Spotify LogoĪrtists, who complain of a lack of transparency about their earnings, are fed up with the platform’s fragility, and many have sought alternative methods of compensation for their work. This means artists would need around 300,000 monthly views to earn minimum wage. According to Vice, Spotify pays around $0.0042 per copy. What is the reason ? Because the streaming service doesn’t pay them enough for their work. Spotify has long been a source of contention for the music industry.

Spotify plans to nft digital craze