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Technology

Spotify Draws Up Plans To Join NFT Digital Collectibles Craze (ft.com) 41

Posted by msmash from the shape-of-things-to-come dept.
Spotify is drawing up plans to add blockchain technology and non-fungible tokens to its streaming service, fuelling excitement in the crypto and music industries about the potential of NFTs to boost artists' earnings. Financial Times: Two recent job ads show Spotify is recruiting people to work on early stage projects related to "Web3," a tech buzzword for a blockchain-powered network that some crypto enthusiasts hope will wrestle control back from the Big Tech platforms that dominate today's internet. Spotify is the latest tech giant to venture into NFTs and head off potential competition from crypto start-ups. This week, Facebook founder Mark Zuckerberg confirmed a Financial Times report earlier this year that Instagram would soon start to support NFTs. Other social media companies, including Twitter and Reddit, are also working to build new features for displaying or trading NFTs. NFTs use blockchain technology to certify ownership of digital assets. The vast majority of the $17.7bn worth of NFTs traded last year were for visual artworks, games and collectibles, according to market tracker Nonfungible.com.
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Spotify Draws Up Plans To Join NFT Digital Collectibles Craze More

Spotify Draws Up Plans To Join NFT Digital Collectibles Craze

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  • So I can own the one true ringtone.

  • Spotify says the rationale is to "boost artists' earnings", but they already have full control over artists' earnings. If they were serious about that they could simply, you know, boost them.

    • Spotify says the rationale is to "boost artists' earnings", but they already have full control over artists' earnings. If they were serious about that they could simply, you know, boost them.

      Same deal as when an artist gets up on stage and asks for you to donate to one of their favorite causes. It's a cause that's really important to them! It's not important enough that they'd open their own wallet and fund it (can't spend that down payment for a 5th mansion), but it's important enough that they're taking some time out of their busy schedule to make a plea to you.

      Of course, I'm not wealthy (can't spend the rent money) or famous, so maybe I'll support the cause by changing my Facebook profile

  • Everybody's trying to get in on the scam (Score:3)

    by rsilvergun ( 571051 ) on Friday March 18, 2022 @12:27PM (#62369301)
    before the gov't comes in and spoils all the fun (and before it inevitably collapses).

    I really hope the gov't gets this under control before it crashes the broader economy. The crypto "market" is worth over $1.7 trillion.

    These aren't assets. They have no value beyond their utility for money laundering and buying illegal goods.

    Imagine if some news outlet finds pedophiles buying/selling with crypto. Remember how quick they shut down craisglist? Imagine that done to crypto, and suddenly *poof*, $1.7 trillion goes up in smoke. We're one moral panic spurred on by a slow news week away from that.

    If you think that won't have knock on effects won't affect people who don't screw with crypto you're just wrong. A huge securities market going up in smoke with tons of companies dabbling in it will mean recession and layoffs. Maybe you'll survive the layoffs, but you'll be doing a *lot* of unpaid overtime. Maybe even taking some pay cuts.
    • We seem to be in a jumbled-up rerun of World War 1 and the Roaring Twenties: an ongoing European war, coupled with a pandemic and your bust-and-boom securities market.

    • I mean that's basically what the art world is. It's all money laundering and tax evasion. I don't see why adding blockchain to this should be expected to change the reality of how art is bought and sold.

      • into a securities market like they are with NFTs. That's what's got me scared. The potential for it to crash the "real world" markets.

        The last 2 crashes in my life were caused by Wall Street gambling. I'd like to stop that before it happens, because every time those fuckers crash the economy they take their mistakes out of *my* hide.

        • The last 2 crashes in my life were caused by Wall Street gambling. I'd like to stop that before it happens, because every time those fuckers crash the economy they take their mistakes out of *my* hide.

          For the third (or is it the fourth? I've lost count) time, haven't you been saying that you'd like to buy a house? A market crash would be just the ticket to make housing affordable, as people who are in jobs that went *poof* lose their homes.

          Personally, I lowered my living expenses significantly after getting kicked in the ass during the great recession. If it happens again, I'll just be getting out the popcorn.

    • Imagine if some news outlet finds pedophiles buying/selling with crypto. Remember how quick they shut down craisglist? Imagine that done to crypto, and suddenly *poof*, $1.7 trillion goes up in smoke. We're one moral panic spurred on by a slow news week away from that.

      Well, we would be, if it wasn't for institutional money pouring into the space in search of rapid profit - and they've absolutely found it.
      If you have enough cash, you can hire top notch talent to "play" the market - and because it's unregulated, they can pull all the dirty tricks in the book.
      Spot a popular ALT coin? cool, pump 50 million dollars or more into that, spike the price, send that tiny little market segment into a feeding frenzy as people either ride the coat tails or FOMO in, the price of the "a

    • Shutting down cryptocurrency and blockchains is about as feasible for them as shutting down piracy.

      • Shutting down cryptocurrency and blockchains is about as feasible for them as shutting down piracy.

        That's why you don't. You go after the real-world businesses which allow trading and payments in cryptocurrency, and threaten them with the old fashioned $5 wrench exploit.

        • Which will do nothing to shut it down in it's current state, which is mostly a speculative investment.

          Apart from that, it is unpræcedented to tell a business that it cannot accept whatever good it wants in exchange for it's services. Spottily could accept livestock, famous art pieces, or a dance performance as payment if it wanted, certainly cryptocurrencies.

  • There's no frikkin' way I'm going to keep paying for Spotify if it starts ramming NFT offers down my throat.

    I'm guessing this must be somehow related to audio NFT's, but I really don't give a flying fork, because I am sick and tired of this utter and absolute bollocks now.

    It's crystal clear that big corporates are only getting onboard with this "craze", because it's stupidly easy money that stupid people will give them for stupidly pointless "ownership of digital assets" - there's no ownership, just specula

    • Re: (Score:2)

      by splutty ( 43475 )

      Switched to Tidal. Happy with it. Nice clean layout, no shoving podcast shit in your face. Good quality streaming. Same price :)

    • There's no frikkin' way I'm going to keep paying for Spotify if it starts ramming NFT offers down my throat.

      It's a nice sentiment, but it'll probably turn out the same way as it has with in-app purchases and paid DLC in mobile games. Enough idiots with money to spare will make it profitable, even though it annoys the fuck out of the majority of users.

    • Comment removed based on user account deletion
  • Well great. They still can't sort Podcasts by most recently released on the desktop, but let's sink time and money into NFTs. It only makes sense. https://community.spotify.com/... [spotify.com]

  • They were getting worse and worse over time. Instead of just listing music, they started putting in all sorts of other crap, then changed the UI to be a nice and friendly tablet UI instead of just a frigging list of tracks, then started adding podcasts, and that's about when I finally gave up...

    • While I admit the whole Neil Young thing got me to drop Spotify, my biggest problem was they suggested the same five albums constantly and wouldn't show me anything else on my home screen. Amazon seems to be working quite well for me. They figured out what type of music I like rather quickly, while showing me some other suggestions I wouldn't normally think of. Tidal was probably best for new music discovery, but they seemed to be pushing me to listen to hip hop and R&B. Nothing against those genres

      • Re: (Score:2)

        by splutty ( 43475 )

        Yeah, I switched to Tidal myself, and I've been very pleasantly surprised at the 'Daily 10 songs' it selects for me. Some are not my thing, but enough of them are things I find interesting that I've added them to my Artist list.

        So they're doing well in that regard, I think.

        Spotify's UI just got more and more annoying to me, which is kind of a deal breaker for me.

        • If I start listening to music more again, I'll definately sign back up for Tidal. I liked most of their suggestions, but they were either new to me or in genres I don't usually listen to. Amazon is just easier for looking at the list of suggestions and picking one. I see value in both, but it definately takes more time and attention to find new stuff.

  • I don't have to buy NFT's, I don't think they have any worth. If I wanted to buy digital media that are attached to blockchains or cryptographic key's I could easily do this myself. If other idiots want to then be my guest.

    • It's like weighing in on the drug wars. If I'm not doing drugs, why should I care about others doing drugs. The answer is the same in that they do affect you, just with more than one indirection.

      • If I'm not doing drugs, why should I care about others doing drugs.

        The argument against doing drugs is that heavy drug use makes it difficult to remain gainfully employed, so some percentage of drug abusers will turn to crime to support their habits. There's also the driving under the influence factor, as well.

        I seriously doubt you're gonna see a rise in muggings so people can pay for their dumb ape GIFs. Not that I think buying NFTs are a good idea, but I don't see the harm in letting idiots waste their money. You ban that and you may as well ban every "luxury" item in

  • Is this a version of collectable baseball cards except this time it's for, you know, whatever?

    • If baseball cards were just cards with a URL on them that resolves to a hosted image of the card, then they'd be the exact same thing.

      • Re: (Score:2)

        by Some Guy ( 21271 )

        Except in that case at least you'd have the card... /s

        The sooner this BS crashes, the better for the economy.

  • I love how this makes a crappy music service even crappier and supports my previous ideas about this company. Enjoy!

  • They need to pay the musicians more. Not the rights holders, the musicians. If they offered the option to let me pay my favorite bands whthout them taking a cut, I would do it

  • How about putting out high quality audio like you've been promising to for over a year now? Like Apple and Tidal have managed to do? Nobody is asking for NFTs, it's not 2021 and the collective IQ of the planet has risen a bit.

  • It's like Ponzi schemes for everyone.

    If you people stop buying into it, they WILL go away.

    Please: stop buying into this stupid crap.

  • This would be our last, best hope to prevent dupes.

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