In addition to merch and tickets, musicians can now use Spotify’s artist profile to promote their non-fungible token (NFT) collection.
The music streaming platform is currently testing the feature for select Spotify Android app users in the US. Furthermore, Steve Aoki and The Wombats appear to be the two NFT artists taking part in the test.
“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,” said a Spotify spokesperson. “We routinely conduct a number of tests in an effort to improve artist and fan experiences. Some of those tests end up paving the way for a broader experience and others serve only as an important learning.”
Currently, Spotify is just testing the integration and won’t be collecting a commission for any NFT sales made through the app. In fact, the platform is just testing a way for artists to promote their NFT collection on its service.
Meanwhile, you can view the NFT galleries by visiting the included artist page if you have access to the integration. Furthermore, by tapping on the NFT, you can see a larger version of it with a short description.
Moreover, a “See More” option will redirect you to the NFT’s OpenSea page, where you can purchase the token. However, Spotify doesn’t yet seem to support video NFTs entirely and only shows a static image on the app.
Also, the platform doesn’t seem to support music NFTs at present, which is pretty strange for a music streaming platform. You can only listen to the NFT or see its video by clicking through its page on the OpenSea marketplace.
The data collected will help it decide whether to roll out this feature for all artists. In addition, it will also help Spotify decide to do something more ambitious with NFTs in the future.
In fact, this won’t be the only data point for Spotify. Spotify users have reported receiving a survey asking about their views on NFTs. Spotify might have more ambitious ideas to integrate NFTs in their service based on user-provided screenshots.
After Spotify posted two job listings related to NFTs in March, rumours spread about the company entering the Web3 space. According to recent developments, the previous speculations seem to have come true. Last week, Meta finally announced gearing up to support NFTs on Instagram. In fact, NFT support for Facebook is also right around the corner.
While more companies are trying to ride the NFT wave, the initial surge seems to be dying out for the time being. The Wall Street Journal reported that NFT sales had dipped 92%. In fact, it fell from 225,000 in September last year to 19,000 as of May 3rd. In the same time frame, the number of active wallets is also declining from 119,000 to 14,000.
Still curious? Check out How NFTs Are Disrupting the Music Industry.