Square’s majority stake in Jay-Z’s streaming service Tidal will potentially help artists grow their fan bases using blockchain technology, a Gartner analyst said.
Square’s majority stake in Jay-Z’s streaming service Tidal could potentially result in some blockchain-related functionalities on the platform, according to one analyst.
Avivah Litan, a technology analyst at consulting company Gartner, suggested that Square’s $297 million investment could push Tidal to start taking advantage of new technologies like blockchain and cryptocurrencies, Reuters reports Friday.
With Square’s help, Tidal would specifically benefit from the technology of non-fungible tokens, or NFTs, which allows artists to certify ownership for photos, videos and other digital content, the expert noted.