Jack Dorsey And Jay-Z’s Music Streaming Service Could Feature NFTs

Jack Dorsey and Jay-Z’s music streaming service could feature smart contracts and NFTs to offer the artists as we are reading more in our latest cryptocurrency news today.

Jack Dorsey and Jay-Z’s platform has been hinting at a new feature and now Tidal could be eyeing integrations with smart contracts and NFTs. Speaking in a conference hosted on Twitter, the duo emphasized the importance of introducing a feature that will empower the artists using the platform, citing NFTs and smart contracts as the new analytics tools that can be used. Despite Tidal falling behind top music streaming services, with its huge revenue falling behind Apple and Spotify, both Jaz-Z and Jack Dorsey believe they can capture the market share by using blockchain technologies to offer empowering tools to artists:

“What really dawned on me was how weak some of the toolsets are for artists, with analytics and data, to understand what they’re doing and help them inform their decisions, especially considering other revenue streams like merchandise and touring and NFTs. We want to open up all the information tools and simplify it for anyone — anyone can come onto the platform and create.”

Dorsey discussed the strong potential of adding revenue streams like NFTs with Square and Twitter and stated that anything that can help artists be even more visible, is up for discussion:

“The spirit of what NFTs represent, the spirit of just looking critically at how artists are compensated, and of proving that, is something that we want to spend a lot of time and a lot of our focus on going forward.”

Jay-Z discussed the ability for smart contracts to enable even greater financial autonomy for artists and said:

“It’s so many creative ways you can participate, and let others participate. And it’s recorded there, so it’s very transparent, there’s no hiding behind any fancy words, and lawyers etc. With these blockchains and these smart contracts, you can write the contract today to say, any sale that happens, I want to receive 10% or 30%.
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Or you can write it out: 50% on the first one, 40% on the next.”

Square already acquired a $300 million majority ownership stake in Tidal back in March. As a part of the agreement, Tidal still acts as an independent business in Square with existing shareholders remaining as stakeholders. The platform was purchased by Jay-Z and other artists like Beyonce and Kanye West back in 2015. Jay-Z serves on the board of directors for Square and still remains a stakeholder in Tidal. Jay-Z is now in a legal dispute with Roc-A-Fella Records co-founder Damon Dash who attempted an NFT auction showing a tokenized version of the first album the artist had alongside the rights to the album’s copyright.