NFTs are now supported by Spotify?

• NFTs are now supported by Spotify? Cryptocurrency and the music industry have reacted with enthusiasm to the news.
• Web3 is still under investigation by Spotify.

Cryptocurrency and the music industry have reacted with enthusiasm to the news. Spotify seems to be looking for employees who can work on “Web3” projects at an early stage, as seen by the job advertising presented. “Web3” is a buzzword in the IT world. There are some crypto fans expecting that Web3 would seize control of the internet from the big IT companies that now dominate it.

Music streaming provider Spotify is the newest digital powerhouse, and the firm plans to include NFT into its service in order to take a step forward in the crypto market. Founder Mark Zuckerberg of Facebook announced only a few days ago that Instagram would be accepting NFTs. Additionally, Reddit and Twitter aim to include NFTs into their systems.
The blockchain may be used to verify the ownership of NFTs. Last year, $17.7 billion in collectables, games, and visual art was exchanged over the NFT network. NFTs and crypto have lately slowed, but many people predict that the music business will pick back up the pace of expansion.

Backstage passes, merchandise, and digital albums may all be purchased and sold using non-fungible tokens on the programme. In addition to DJs Steve Aoki and Snoop Dogg, artists like Grimes and Kings of Leon have already sold NFTs of their tracks, making them part of the NFT movement. NFTs for musicians may be purchased from two new start-ups: Catalog and Royal. Web3 is still under investigation by Spotify. They will be known as the “experimental growth” squad because of recent personnel recruiting. According to the ad, a small full-stack team would be the driving force behind this sector’s development.

In the meanwhile, Spotify has not commented on the current situation.

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