Spotify, the latest tech giant to support NFTs?

The move has created excitement all over the crypto and music space. A couple of job ads displayed showed that Spotify wants people who can work in the early stages for “Web3” projects. “Web3” is a word in tech that carries a lot of buzz. It is a network powered by blockchain, and a few crypto enthusiasts are hoping that Web3 will take back control from the internet dominating Big Tech Companies.

The latest giant in the tech space is Spotify, the company wants to make NFT a part of its service and wants to take a step ahead in the competition in the crypto space. A few days before, Mark Zuckerberg, the Founder of Facebook, stated that Instagram would soon start accepting NFTs. Various other social media giants such as Reddit and Twitter are working to make NFTs a part of their services as well.

You can verify ownership of NFTs through blockchain. Collectibles, games, and visual artworks worth $17.7 billion were traded last year, according to an NFT network. Even though the growth of NFTs and crypto has taken a back gear recently, many people believe that the music industry will be the one to start its upward climb again.

The application could include using NFTs for unlocking perks such as backstage passes or merchandise or selling and buying digital albums using non-fungible tokens. DJ Steve Aoki and Snoop Dogg are already a part of the NFT movement by being collectors, and others like Grimes and Kings of Leon have already sold NFTs of their songs. Catalog and Royal are a couple of start-ups that are selling musicians’ NFTs. Spotify is still exploring the possibility with Web3. The recent employee recruitment will have them called the “experimental growth” team. The ad stated that the full-stack small team would be responsible for driving growth in this sector.

Meanwhile, Spotify has not provided any comments on the latest developments.