According to Music Ally, Spotify is exploring a mechanism for artists to exhibit their non-fungible token (NFT) collections. The music streaming platform is presently testing NFT previews for artists like Steve Aoki and The Wombats for some Android users in the United States.
Spotify integrating NFTs in artist profiles
In a statement to Music Ally, a Spotify spokeswoman said, “Spotify is launching a test in which it will help a small set of artists market their existing third-party NFT products via their artist profiles.” “We do several tests regularly to optimize the artist and fan experience. Some of these assessments pave the way for a more extensive encounter, while others are only useful learning tools. ” Spotify did not react to The Verge’s request for comment right away.
More organizations on NFT plans
More organizations are attempting to ride the NFT wave, although it appears that the original rush is waning (at least for the time being). According to the Wall Street Journal, daily NFT sales have dropped 92 percent from 225,000 in September of last year to just 19,000 as of May 3rd. The number of active NFT wallets is likewise decreasing, down from around 119,000 in November to 14,000 by the end of April.
After updating Spotify, people noticed that the NFT gallery is located beneath the artist’s header and a song list on both Steve Aoki’s and The Wombats’ artist pages. You can navigate through a collection of NFTs by clicking on them. You’ll see an expanded representation of an NFT and a brief description if you pick it.
Spotify checking NFT connections without taking any commission
You can also click “See More” on Spotify, which will take you to the NFT’s OpenSea page, where you can purchase it. However, NFTs that are movies or GIFs do not appear to be supported by Spotify, as the app just displays a static image of the NFT rather than the entire video. It also lacks sound, which is unusual for a music streaming service. By going to the NFT’s website on OpenSea, you can only listen to it or check if it’s a video or GIF.
According to Music Ally, Spotify will not receive a percentage for any NFT sales made through the app and is only testing the connection. It’s also unclear whether the test is open to other artists or is currently only available to Steve Aoki and The Wombats.
Everyone is hopping on the NFT trend.
After blockchain technology and NFTs in March, rumors about Spotify entering the Web3 market began to circulate. According to Music Ally, some Spotify users have also reported seeing a survey pop up on the app asking about their thoughts on NFTs. Last week, Instagram began testing NFT integration alongside Spotify.