Sq.’s majority stake in Jay-Z’s streaming service Tidal will doubtlessly assist artists develop their fan bases utilizing blockchain know-how, a Gartner analyst stated.
Sq.’s majority stake in Jay-Z’s streaming service Tidal might doubtlessly end in some blockchain-related functionalities on the platform, in accordance with one analyst.
Avivah Litan, a know-how analyst at consulting firm Gartner, advised that Sq.’s $297 million funding might push Tidal to start out profiting from new applied sciences like blockchain and cryptocurrencies, Reuters stories Friday.
With Sq.’s assist, Tidal would particularly profit from the know-how of non-fungible tokens, or NFTs, which permits artists to certify possession for images, movies and different digital content material, the skilled famous. NFT know-how might simply observe the provenance of autographs and memorabilia, doubtlessly making them much more helpful for followers, Litan stated.
Sq. formally introduced that the corporate entered into an settlement to accumulate a majority possession stake in Tidal on Thursday, claiming that Tidal will proceed working independently inside Sq., alongside its Vendor and Money App ecosystems. CEO Jack Dorsey subsequently hinted that Sq. will concentrate on the crucial wants of artists and rising their fan bases in an analogous method that the agency has been doing for Money App purchasers, stating:
“Sq. created ecosystems of instruments for sellers & people, and we’ll do the identical for artists. We’ll work on totally new listening experiences to deliver followers nearer collectively, easy integrations for merch gross sales, trendy collaboration instruments, and new complementary income streams.”
Sq. didn’t instantly reply to Cointelegraph’s request for remark.
Obtainable in 56 international locations, Tidal is an leisure platform owned by a number of the world’s most well-known celebrities like Kanye West, Beyoncé, Madonna, Rihanna and Nicki Minaj. The platform has sought to differentiate itself from different in style streaming platforms like Spotify by committing to offering sound high quality to listeners and a higher share of income to artists. Jay-Z purchased Tidal for about $56 million in 2015 from Norwegian entrepreneurs.