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Benzinga

Technology

Anusuya Lahiri

Spotify Looks To Jump NFT Bandwagon After Failed Collaboration With Facebook

SPOT Spotify Facebook NYSE Instagram Mark Zuckerberg Reddit Spotify Technology SA Twitter Inc. Visa

Spotify Technology SA (NYSE:SPOT) looked to add blockchain technology and non-fungible tokens to its streaming service, the Financial Times reports.
Spotify hired people to work on early-stage projects related to “Web3,” a tech buzzword for a blockchain-powered network.
Also Read: $17B Worth NFTs Traded In 2021, More Players Could Join After Visa, Nike
Meta Platforms Inc (NASDAQ:FB) Facebook founder Mark Zuckerberg recently confirmed that Instagram would soon start to support NFTs.
Other social media companies, including Twitter Inc (NYSE:TWTR) and Reddit, are also working to build new features for displaying or trading NFTs.
Spotify was an early collaborator on Facebook’s ill-fated cryptocurrency project, Diem.
Price Action: SPOT shares traded lower by 1.18% at $132 premarket on the last check Thursday.

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