Spotify, the major music streaming platform, has tested the option to include nonfungible token (NFT) galleries on musicians’ profiles. Should the trial succeed, the embedding of NFTs would serve to improve artist and fan experiences.
It has been reported that Spotify is running a test for select users of the platform’s Android app in the United States. These users can see the NFT previews on the artists’ profiles. Currently, there are only two such artists, DJ and producer Steve Aoki and indie rock band The Wombats, both of which are known for their adoption of NFTs.
However, it’s not possible to make direct purchases, but after reading about the NFT and seeing an enlarged preview, the user can tap to be redirected to the OpenSea page where they can purchase the item. According to reports, Spotify doesn’t support videos or GIF formats, showing only a static image without any sounds.
The report said that a company spokesperson told journalists that the tests are being conducted “in an effort to improve artist and fan experiences” and that while some of them will end up “paving the way for a broader experience,” others “serve only as an important learning.” Some Spotify users shared on Twitter that they’d received the NFT-related survey from the streaming service.
Likewise, according to Music Ally, Spotify is not taking any cut of NFT sales during the trial. Musicians are actively exploring the NFT market, which could be a vital source of revenue, especially at a time when international touring continues to be disrupted by COVID-19.
In 2021, Linkin Park’s Mike Shinoda became the first major-label artist to release a single as an NFT, and the Kings of Leon were the first band to release a whole album in the form of nonfungible tokens.
Thus, according to an estimate from Rolling Stone, Aoki made close to $3 million from minting just two NFT pieces out of the 11-piece collection.
Source: Cointelegraph