Spotify's competitor to integrate NFTs to supplement artists' income

Coingoback" srcset=" 700w, uploads/2021/06/Banner-Coingoback-700x150-1-300x64.jpg 300w, 150w, 585w" data-sizes="(max-width: 700px) 100vw, 700px " width="700" height="150" style="display: inline-block;"/>Rapper Jay-Z and Twitter CEO Jack Dorsey, co-owners of music streaming platform Tidal, have signaled that they can add non-fungible tokens and smart contracts to their app. Jay-Z, real name Shawn Carter, and Dorsey participated in a discussion on Twitter Spaces on Monday and said they hoped to use NFTs as a way to better remunerate artists. “The spirit of what NFTs represent, the spirit of just looking critically at the air tists are compensated and proving that is something we want to spend a lot of time on and a lot of our focus on the future,” Dorsey told the Cointelegraph. Jack is also CEO of payments company Square, which invests heavily in the cryptocurrency space and, in March this year, it took a majority stake in Tidal, a competitor to Spotify.NFTs are tokens that can represent an image, piece of video, audio, art or even virtual terrain. They can be bought and sold, but they are not interchangeable like an ordinary cryptocurrency. These unique tokens have become a fad in the art community. Celebrities, digital artists and musicians rushed to create their own NFTs. The market reached around US$ 2 billion in May this year. Since then, sales have slowed down a bit. “It's like a natural progression of what you do, to create art and protect your art and have a dialogue with the people who consume it. We want to open up all the information tools and simplify them for anyone – anyone can step onto the platform and create.” Jay-Z told Variety. In addition to NFTs, Tidal can also incorporate smart contracts. Smart contracts are effectively a program stored in a blockchain that runs automatically when a series of conditions are met. This can involve exchanging money, property, shares or anything else of value without an intermediary. Smart contracts are in the mix to act as legally binding agreements that reside on specific blockchains like the Ethereum network. smart, you can write the contract today to say, 'any sale that happens, I want to get 10% or 30%.' Or you can write: 50% on the first one, 40% on the next.” concluded Jay-Z.<strong data-lazy-src=

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