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Sq.’s $297M stake in Tidal may unlock DLT options, analyst says

Sq.’s majority stake in Jay-Z’s streaming service Tidal may probably end in some blockchain-related functionalities on the platform, based on one analyst.

Avivah Litan, a know-how analyst at consulting firm Gartner, recommended that Sq.’s $297 million funding may push Tidal to begin making the most of new applied sciences like blockchain and cryptocurrencies, Reuters experiences 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 professional famous. NFT know-how may simply monitor the provenance of autographs and memorabilia, probably making them much more precious 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 give attention to the important wants of artists and rising their fan bases in an analogous approach 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 fully new listening experiences to deliver followers nearer collectively, easy integrations for merch gross sales, fashionable collaboration instruments, and new complementary income streams.”

Sq. didn’t instantly reply to Cointelegraph’s request for remark.

Accessible in 56 nations, 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 standard 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.