Rapper Snoop Dogg and DJ Steve Aoki are among the prominent NFT collectors in the music industry, while Kings of Leon and Grimes have sold NFTs of their music.

The music industry could be ripe for NFT applications, including selling digital albums or unlocking perks at gigs, from merchandise to backstage passes. Most of the $17.7 billion in NFTs traded in 2021 were for visual artworks, games and collectibles, according to market tracker. Twitter, Reddit and other social media offerings are also crafting features to allow users to display or trade NFTs, the FT report said. A Spotify spokesperson declined to comment on its NFT plans.Įarlier this week, Meta Platforms founder Mark Zuckerberg said Instagram will soon support NFTs on the photo-sharing social media platform.

Spotify is recruiting people to work on early-stage Web3 projects, the report said, citing a pair of recent job postings.

Spotify may be adding blockchain technology and non-fungible tokens (NFTs) to its streaming service, a move that’s exciting those in cryptocurrency and music industries about how digital assets can boost earnings for artists, according to a Financial Times report Thursday (March 17).

Spotify plans to join digital craze