Spotify may be adding blockchain technology and non-fungible tokens (NFTs) to its streaming service, a move that’s exciting those in cryptocurrency and music industries about how digital assets can boost earnings for artists, according to a Financial Times report Thursday (March 17).
Spotify is recruiting people to work on early-stage Web3 projects, the report said, citing a pair of recent job postings. A Spotify spokesperson declined to comment on its NFT plans.
Earlier this week, Meta Platforms founder Mark Zuckerberg said Instagram will soon support NFTs on the photo-sharing social media platform. Twitter, Reddit and other social media offerings are also crafting features to allow users to display or trade NFTs, the FT report said.
Most of the $17.7 billion in NFTs traded in 2021 were for visual artworks, games and collectibles, according to market tracker Nonfungible.com. The music industry could be ripe for NFT applications, including selling digital albums or unlocking perks at gigs, from merchandise to backstage passes.
Rapper Snoop Dogg and DJ Steve Aoki are among the prominent NFT collectors in the music industry, while Kings of Leon and Grimes have sold NFTs of their music. Warner and Universal have partnered with NFT projects, including a virtual band featuring characters from the Bored Ape Yacht Club.
Related: NFTs Hit $17B in Trading in 2021, Up 21,000%
The trading of NFTs last year hit more than $17 billion, up by 21,000% over 2020’s total of $82 million. Over 2.5 million crypto wallets belonged to people holding or trading NFTs in 2021. In 2020, that number was just 89,000.
While NFT buyers numbered 75,000 in 2020, a year later, buyers soared to 2.3 million. Sellers of NFTs also spiked, going from 32,000 in 2020 to 1.2 million in 2021.
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