Spotify Starts Testing NFTs on Its Platform: Everything You Need to Know

Spotify rolled out the test for some Android users in the US that includes NFT previews for artists like Steve Aoki and The Wombats.

According to a Spotify spokesperson, “Spotify is running a test in which it will help a small group of artists promote their existing third-party NFT offerings via their artist profiles. 

The music streaming platform is known to conduct a series of tests to improve artist and fan experiences. Most of the tests they do are to pave the way for a broader experience; however, there are others that only serve as an important learning opportunity. 

(Photo : Matt Winkelmeyer/Getty Images for Spotify)
BEVERLY HILLS, CALIFORNIA – MARCH 30: (L-R) Pusha T and Nigo perform onstage as Spotify celebrates Nigo & friends for the “I Know NIGO!” album release on March 30, 2022 in Beverly Hills, California.

Users who are part of the test can prevent a select number of NFTs through the artist’s profile page. From there, they can learn more about the NFT and choose to buy it through a marketplace. This ongoing test is the platform’s response to requests from industry partners. 

The streaming platform will not take a cut of the sales as part of the ongoing test. If the test goes well, artists may be able to promote their NFTs on the platform. 

Also Read: NFT vs Cryptocurrency: Are They the Same Thing?

Spotify’s Plan

Spotify is one of the tech companies that jumped on the NFT bandwagon just recently, with their launch of Spotify Island on Roblox earlier this month. 

However, Spotify will not sell NFTs directly. Therefore, users will need to go to an external marketplace to buy. 

Furthermore, Spotify is sending out surveys and offering some people compensation for chats with team members to know how users are responding to NFTs and web3.

Over the past year, the platform has been working to enhance artists’ profiles. In October 2021, they partnered with Shopify which now lets artists on their service connect their Spotify profiles with their Shopify stores. 

There have been rumors in March this year that the platform is taking on the Web3 space following two job listings related to blockchain technology and NFTs. Instagram also started testing NFT integration last week. 

NFTs Going Down? 

Many people and companies want to get on the NFT wave; however, the surge could be going down, as daily NFTs dipped 92 percent from 225,000 in September 2021 to only 19,000 as of May 3. 

There is also a noticeable decline in the number of active NFT wallets. From 119,000 in November to 14,000 at the end of April. 

Despite the decline, many tech and video game companies continue to plan what’s o come next, and that includes Spotify. Square Enix also sold off their major franchises to focus on NFT gaming, while Meta announced that it will start integrating blockchains Ethereum, Polygon, Solana, and Flow into Instagram. 

Overall, NFT trading is slowing down. However, we would likely see it break free of cryptocurrency ups and downs to allow more people to use fiat currency to engage. 

Related Article: Spotify Features You Should Be Using to Improve Your Listening Experience

This article is owned by Tech Times

Written by April Fowell

ⓒ 2021 All rights reserved. Do not reproduce without permission.

Source link

Similar Articles



Please enter your comment!
Please enter your name here


Most Popular