Spotify is likely to enter the cryptocurrency space. As Spotify is a music streaming platform, it could integrate NFTs in audio format on its website. According to job postings on Spotify, it has displayed two job openings to work on Web3 projects.
Non-Fungible Tokens or NFTs are non-transferable units of data created and stored on a blockchain. An NFT is a digital asset representing real-world objects like art, music, in-game items, and videos.
Web3, which has created a lot of buzz of late, is an idea of a new computational procedure of the World Wide Web based on blockchain technology. Ethereum co-founder Gavin Wood coined the term ‘Web3’ in 2014.
Microblogging social media giants Twitter have already integrated NFTs in the form of images on its platform. Meanwhile, Mark Zuckerberg has also said that Instagram would soon start accepting NFTs.
However, industrialist Elon Musk did not welcome Twitter’s move to integrate NFTs even though he is a big supporter of cryptocurrency. “Twitter is spending engineering resources on this bs while crypto scammers are throwing a spambot block party in every thread!?” Musk had tweeted.