A Possible Boom For Musical NFTs as Music Streaming Giant Plans to Venture into the Technology

According to two available vacancies on Spotify’s job portal, non-fungible tokens would soon be seen on the platform in some form.

Spotify is a Sweden-based music streaming platform with more than 400 million active monthly users, including 180 million premium users, as per the data available during December 2021.

NFTs or non-fungible tokens are digital tokens recorded on the blockchain, which are digital ledgers that can serve as proof of ownership and ensure the authenticity of a product. These tokens have been used in the digital art domain so far, which resulted in their boom during late 2021. NFTs can take any shape, such as art, images, videos, music, etc.

If implemented, Spotify would only be the second platform to adopt NFTs, as Twitter has allowed NFT-based profile pictures for its users since January 2022. The tech giant Meta’s (previously Facebook) CEO Mark Zuckerberg had earlier announced that Instagram, one of their subsidiaries, would start supporting NFTs in the near future.

Twitter has been supporting image-based NFTs, and Instagram would most likely take the same approach due to its nature. But, with Spotify being a music streaming service, the NFTs on the platform would be in the audio format.

If so, such NFTs would not be the first music-based NFTs as artists such as Kings of Leon, Don Diablo, Justin Blau, and more have released their music numbers as NFTs. It is also important to note that the prominent music artists Snoop Dogg and Steve Aoki support the technology wholeheartedly, although they are yet to release their music as NFTs.

Similarly, there are many opportunities available for you to create NFTs for your own music or others’ music you have total access to, as the field is only going to rise in stature from here on.