Square'due south 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 Foursquare's $297 1000000 investment could push button Tidal to offset taking advantage of new technologies like blockchain and cryptocurrencies, Reuters reports Friday.

With Square's aid, Tidal would specifically benefit from the technology of non-fungible tokens, or NFTs, which allows artists to certify buying for photos, videos and other digital content, the expert noted. NFT engineering science could hands track the provenance of autographs and memorabilia, potentially making them fifty-fifty more valuable for fans, Litan said.

Square officially announced that the company entered into an agreement to acquire a bulk buying pale in Tidal on Thursday, claiming that Tidal will continue operating independently within Square, aslope its Seller and Cash App ecosystems. CEO Jack Dorsey afterward hinted that Square will focus on the critical needs of artists and growing their fan bases in a similar way that the firm has been doing for Cash App clients, stating:

"Square created ecosystems of tools for sellers & individuals, and we'll do the same for artists. Nosotros'll work on entirely new listening experiences to bring fans closer together, unproblematic integrations for merch sales, modernistic collaboration tools, and new complementary revenue streams."

Square did non immediately reply to Cointelegraph's request for comment.

Available in 56 countries, Tidal is an amusement platform endemic by some of the world'southward most famous celebrities like Kanye West, Beyoncé, Madonna, Rihanna and Nicki Minaj. The platform has sought to distinguish itself from other pop streaming platforms like Spotify by committing to providing audio quality to listeners and a greater share of revenue to artists. Jay-Z bought Tidal for about $56 million in 2015 from Norwegian entrepreneurs.