The large music streaming platform Spotify is reportedly testing the option to include a non-fungible token (NFT) gallery in musicians' profiles. The platform is exploring the possibilities of «enhancing the experiences of artists and fans». In case of success of the trial, the integration of NFTs will serve to improve the experiences of artists and fans.
Reports emerged on Friday that Spotify is running an NFT trial for some users of the platform’s Android app in the United States . Those users can see NFT previews on artist profiles. Currently, there are only two such artists, DJ and producer Steve Aoki and indie rock band The Wombats — both of whom are known for their adoption of nonfungible tokens.
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It is not possible to make purchases directly from Spotify, 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 NFT. According to reports, Spotify does not support video or GIF, only displaying a static image without sounds.
A company spokesperson told reporters that the tests are being conducted “in an effort to improve the experiences of artists and fans” and that while some of them will end up “paving the way for a broader experience,” others “serve only as important learning.” Some users of the platform shared on Twitter that they had received Spotify’s survey about NFTs.
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According to Music Ally, Spotify does not receive any share of NFT sales during the test.
Musicians are actively exploring the NFT market, which could be a vital source of revenue, especially at a time when international tours continue 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 Kings of Leon were the first band to release an entire album in the form of nonfungible tokens. Aoki, according to an estimate by Rolling Stone, earned nearly $3 million from minting just two NFT tracks on Spotify.
Source: cointelegraph.com
