The world’s largest music streaming platform, Spotify, is soon going to allow artists to offer non-fungible tokens (NFT) on the platform. At first, this will be a testing phase where only a limited number of US users will have access to these new features. If everything works as it should, then the features will become available to a wider audience.
Spotify and NFTs
Earlier this month it was announced that Spotify will not be left behind in the race of major tech companies to engage with NFT technology and Web3. On May 3, the so-called “Spotify Island” was launched in Roblox’s metaverse. Now it is joined by a pilot in which some artists, including Steve Aoki, will try out NFTs on the Spotify platform. That was reported by Music Alley last Friday.
Spotify, however, will not be coming out with an NFT marketplace itself. The buying and selling of NFTs offered by artists will be done through an external party. Spotify has already announced that they will not be taking a cut of the sale amount.
In addition to the testing phase that will start, the company is also actively investigating the sentiment toward NFTs among the Spotify community. Indeed, users have reported Spotify is also sending out surveys and even offering some people a fee for chats with team members about users’ attitudes towards NFTs and web3. The questions, shared on Twitter, ask about sentiment, crypto-related purchases and why people bought NFTs, among other things.
Spotify is just the latest example of a giant within the tech sector that is apparently beginning to embrace the NFT and crypto industry. Major gaming companies such as Electronic Arts, Square Enix and Ubisoft, among others, have previously taken actual steps to integrate their operations with NFT technology.
Even Meta, formerly known as Facebook, is on its way to offering NFT’s functionalities to users on Instagram and perhaps Facebook in the future. Therefore, the trend of adoption we are currently in is actually nothing short of extraordinary.