Rapper Jay-Z and Twitter CEO Jack Dorsey, who co-own music streaming platform Tidal, have indicated they would possibly load fungible tokens and smart contracts into their app.
Jay-Z, genuinely called Shawn Carter, and Dorsey took part in a discussion on Twitter on Monday and said they hoped to use NFT as a way to better compensate artists.
“The spirit of what the NFTs stand for, the spirit of criticizing how artists are paid and proving it, is something we need to spend a lot of time and a lot of attention on to move forward,” Dorsey said in the Cointelegraph report. .
NFTs are tokens that can constitute an image, a piece of video, a sound, an art painting or even a virtual field; they can be bought and sold, but they are interchangeable, like a cryptocurrency.
Tokens have shaken up the arts community. Celebrities, artists and musicians rushed to create their own NFT. The market reached 2,000 million dollars in May of this year. Sales have cooled since then.
“It’s like an herbal progression of what you do, create art and protect your art and interact with the other people who consume it. We need to open up the entire data team and simplify it for everyone : they can come to the platform and create,” Jay-Z said in variety’s report.
In addition to NFTs, Tidal can also integrate smart contracts. Smart contracts are, in fact, a program stored on a blockchain that runs when a number of situations are met, possibly involving the exchange of money, goods, shares or anything else of value, without intermediaries.
“With those blockchains and smart contracts, you can write the contract to say, for any sale that happens, I need to get 10% or 30%. Or you can write it down: 50% in the first, 40% in the next,” Jay-Z said.