A report said that Square’s majority stake in Jay-Z’s streaming service Tidal could potentially result in some blockchain-related functionalities on the platform.
It has been reported that Avivah Litan, a technology analyst at Gartner, suggested that Square’s $297 million investment could push Tidal to start taking advantage of new technologies like blockchain and cryptocurrencies.
However, the expert noted that with Square’s help, Tidal would specifically benefit from the technology of non-fungible tokens (NFTs), which allows artists to certify ownership for photos, videos, and other digital content.
Litan said that NFT technology could easily track the provenance of autographs and memorabilia, potentially making them even more valuable for fans.
Some may have missed this, but Square is taking a majority share in the music streaming platform, Tidal. One analyst thinks this could be an adoption breakthrough for music NFTs and other blockchain-related technology. https://t.co/LObRaz8xDq — Cointelegraph (@Cointelegraph) March 5, 2021
The report said that Square officially announced that the company entered into an agreement to acquire a majority ownership stake in Tidal on March 4 (Thursday), claiming that Tidal will continue operating independently within Square, alongside its Seller and Cash App ecosystems.
Jack Dorsey, the CEO of Square, subsequently hinted that Square will focus on the critical needs of artists and growing their fan bases in a similar way that the firm has been doing for Cash App clients.
Thus, he added:
“Square created ecosystems of tools for sellers & individuals, and we’ll do the same for artists. We’ll work on entirely new listening experiences to bring fans closer together, simple integrations for merch sales, modern collaboration tools, and new complementary revenue streams.”
Source: Cointelegraph | Image: Gadgets 360