Spotify Plans to Integrate NFT’s in their platform

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Mark Zuckerberg confirmed NFT Integration in Instagram which was reported by cryptonks.

After Instagram, Spotify is developing plans to integrate blockchain technology and non-fungible tokens into its streaming service, igniting interest in the crypto and music industries due to their potential to increase artist earnings.

NFTs make use of blockchain technology in order to verify ownership of digital assets.

According to market tracker, visual artworks, video games, and collectibles accounted for the vast majority of the $17.7 billion in nonfungible trades that took place last year in the United States.

For early-stage efforts tied to “Web3,” which is a technical term for a blockchain-powered network that some crypto enthusiasts believe will wrest control of the internet away from the Big Tech platforms that currently dominate it, Spotify is actively hiring.

As a means of fending off cryptocurrency start-ups, Spotify has become the latest tech titan to enter the NFT industry.

Spotify Recruiting web3 Experts

The music streaming service is looking for a manager with previous experience in the “content creator, media, web3, and emerging technology industries” to “assist in the definition of Spotify Moonshots,” a term used to describe ambitious new projects.

Spotify also has a separate job posting for a manager in its foreboding “Innovation and Market Intelligence” group, which is tasked with forecasting the future.

A spokeswoman for Spotify declined to comment on the company’s plans for NFT.

Spotify was a founding member of Facebook’s ill-fated cryptocurrency project, Diem, and these web3 positions would not be the company’s first foray into the cryptocurrency space in the future.