Square’s $297M stake in Tidal could unlock DLT features, analyst says

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Sq.’s majority stake in Jay-Z’s streaming service Tidal might probably lead to some blockchain-related functionalities on the platform, in accordance with one analyst.

Avivah Litan, a expertise analyst at consulting firm Gartner, recommended that Sq.’s $297 million funding might push Tidal to start out profiting from new applied sciences like blockchain and cryptocurrencies, Reuters reports Friday.

With Sq.’s assist, Tidal would particularly profit from the expertise of non-fungible tokens, or NFTs, which permits artists to certify possession for images, movies and different digital content material, the professional famous. NFT expertise might simply monitor the provenance of autographs and memorabilia, probably making them much more beneficial for followers, Litan mentioned.

Sq. formally announced 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 crucial wants of artists and rising their fan bases in an analogous means that the agency has been doing for Money App shoppers, 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 carry 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.

Out there 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 tell apart itself from different common streaming platforms like Spotify by committing to offering sound high quality to listeners and a better share of income to artists. Jay-Z purchased Tidal for about $56 million in 2015 from Norwegian entrepreneurs.