It is no secret that Twitter and Square CEO Jack Dorsey is a big supporter of Bitcoin and the blockchain industry. He has participated in the Lightning challenge, has publicly endorsed crypto, and CashApp has been allowing Bitcoin transactions long before many companies like PayPal and Mastercard hopped on board.
In the latest move that could promote blockchain, Square has announced that it will be buying a majority stake in Tidal, a music streaming service. Tidal is famously owned by music artists Jay-Z, Beyonce as well as other prominent artists.
Square X Tidal
In a Twitter thread announcing the deal, Dorsey stated that the end goal of the collaboration was to find new ways to support artists and their work. This goal is to be achieved through better integration for merchandise sales and new financial tools for artists.
This deal has a lot of potential in terms of possible blockchain deployment and the tools that could be introduced. For example, non-fungible tokens can be used to verify the authenticity of collectible items such as artists’ merchandise. As cryptocurrency is becoming more popular among many around the globe, the future of commerce will need to adjust as well.
“You need the applications to drive the new economy,” said Avivah Litan, a technology analyst at consulting company Gartner. “No one’s going to just go get a cryptocurrency wallet if there’s nothing to buy.”
Blockchain could also be the thing that helps Tidal properly distinguish itself in the streaming business against …
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