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ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). *Disclaimer: This content is authored by an external agency. Meanwhile, Spotify has not provided any comments on the latest developments. The ad stated that the full-stack small team would be responsible for driving growth in this sector. The recent employee recruitment will have them called the "experimental growth" team. Spotify is still exploring the possibility with Web3. Catalog and Royal are a couple of start-ups that are selling musicians' NFTs. 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. 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. 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. Collectibles, games, and visual artworks worth $17.7 billion were traded last year, according to an NFT network. You can verify ownership of NFTs through blockchain. Various other social media giants such as Reddit and Twitter are working to make NFTs a part of their services as well. A few days before, Mark Zuckerberg, the Founder of Facebook, stated that Instagram would soon start accepting NFTs. 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. 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. "Web3" is a word in tech that carries a lot of buzz. A couple of job ads displayed showed that Spotify wants people who can work in the early stages for "Web3" projects. The move has created excitement all over the crypto and music space.
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