The latest tech giant is Spotify, which wants to make NFTs part of its service and wants to stay one step ahead in the crypto field competition. A few days ago, Facebook founder Mark Zuckerberg said Instagram would soon start accepting NFTs. Various other social media giants such as Reddit and Twitter are also working to make NFTs part of their service.
You can check the ownership of NFTs via the blockchain. Last year, $ 17.7 billion worth of collectibles, games and visual arts were traded, according to the NFT Network. Growth in NFTs and cryptocurrencies has slowed recently, but many believe that the music industry will start to rise again.
This application may include the use of NFTs to unlock perks such as behind-the-scenes passes and merchandise, and the buying and selling of digital albums using non-fungible tokens. DJs Steve Aoki and Snoop Dogg are already part of the NFT movement as collectors, and others like Grimes and Kings of Leon are already selling NFTs for their songs. Catalog and Royal are a couple of start-ups selling musician NFTs. Spotify is still exploring the possibilities in Web3. With the recent recruitment of employees, it has become known as the “experimental growth” team. The ad stated that a small, full-stack team was responsible for driving the growth of this sector.
Spotify, on the other hand, doesn’t comment on the latest developments.
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