Spotify Looks To Jump NFT Bandwagon After Failed Collaboration With Facebook

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.