Music streaming giant Spotify is the latest high-profile tech company to venture into the rapidly growing world of non-fungible tokens (NFTs). According to two new job listings, Spotify is looking for an experienced backend engineer who could leverage Web3 technologies to “uncover the next growth opportunity” and a senior manager capable of identifying potential moonshot projects.
Key takeaways:
- Spotify’s job listing ads have sparked a debate over the possibility of music-related NFTs being developed by the firm. While the company has shared no such plans with the public, the inclusion of Web3 in job descriptions certainly gives credence to the speculations.
- Spotify could soon be joining a long list of tech giants that have recently ventured into NFTs. In February, Youtube CEO Susan Wojcicki said the company is exploring NFTs to give its creators more monetization options. Twitter and Reddit are also working on their own blockchain-powered services.
- Earlier this week, Meta CEO Mark Zuckerberg revealed that NFT features are coming to Instagram and added that the minting of new digital collectibles on the photo-sharing platform itself might soon become a reality.
- Several of the most prominent figures in the music industry have garnered a lot of attention in recent months with their NFT-related endeavors. For instance, legendary rapper Snoop Dogg and American DJ Steve Aoki have become prominent NFT collectors, while music labels Warner and Universal partnered with prominent NFT projects.
- Spotify had previously collaborated with Facebook on the Diem stablecoin project, intrigued by the possibility of cutting out the middle man between fans and artists. After years of regulatory battles, the Diem project was eventually shut down and its IP sold to Silvergate earlier this year.
