In addition to his outstanding music career, Jay-Z has been able to establish himself as a successful businessman. On Feb 12, Twitter CEO, Jack Dorsey announced his partnership with the music magnate, Jay-Z on a bitcoin endowment fund.
Interestingly, there is more to Jack’s burgeoning partnership with Jay-Z. Jack recently announced that Square would be buying Tidal, Jay-Z’s music-streaming platform. The financial company would be paying $297 million for a “majority ownership stake in Tidal”.
Tidal found itself in a music streaming industry that is heavily dominated by the likes of Spotify, Apple Music and others. Thus, its performance has really not been up to expectation. However, with the new partnership between Jack and Jay-Z, we could witness a rebirth of Tidal, especially through the growing influence of non-fungible tokens (NFT).
Would Square’s Partnership With Tidal be About NFTs?
NFTs are a unique type of cryptocurrency that hold assets like art, tickets, and music in contrast to Bitcoin. These digital tokens have lately become mainstream mainly because they allow artists to sell their artworks without the need for middlemen like agents and at the same time make huge gains.
On March 3, the musical band “Kings of Leon” announced that they’d release their new album in the form of non-fungible token. Thus, making them the first band to ever do that.
Yesterday, Jay-Z emphasized on Twitter that Tidal has supported artists right from the start. He noted that “artists deserve better tools to assist themselves”. The introduction of NFTs to Tidal could help the firm achieve that.
While no new information has been released about the direction Square would be driving the music platform towards, we believe the lure of NFTs would provide a quality alternative route to help drive Tidal into dominance of the music industry.