Spotify may be Planning to Expand into the NFT Space

The audio streaming platform, Spotify might be planning to expand its business into the NFT space, as it is running advertisements to hire people with deep knowledge about Web3 and other new emerging technologies.

With 406 million active users at the end of 2021, the music and podcast platform is advertising the position of two senior employees who can help to drive growth through leveraging technological advancement. 

The advertisements, one for a senior backend engineer and one for a senior manager, are looking for candidates with Web3 experience. Web3 refers to the next evolution of the Internet, including non-fungible tokens or NFTs. NFTs, give people ownership of digital files related to music, artwork and other collectables.

Blockchain technology has been booming recently. NFTs trading hit $17.7 billion in 2021, showing a surge of more than 21,000 % from 2020, according to a report from Nonfungible.com.

Musicians have increasingly looked to the technology as a way to boost their income from music sales after years of complaints that streaming subscription models for services like Spotify has not helped to raise their income.