Major music streaming platform Spotify is reportedly testing the option of nonfungible tokens (NFTs) galleries on musicians’ profiles. Should the tests appear successful, the embedment of NFTs would serve to improve artist and fan experiences.
Reports surfaced on Friday 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 are known for their adoption of NFTs.
There is no possibility for a direct buy, but after reading about the NFT and getting the enlarged preview, the user can tap to be redirected to the OpenSea page where he could purchase the item. Spotify doesn’t support videos or GIF formats, according to reports, showing only a static image without any sounds.
As the company’s spokesperson told journalists, the tests are being conducted “in an effort to improve artist and fan experiences”, and while some of them will end up “paving the way for a broader experience”, others “serve only as an important learning”. Some Spotify users told about the NFT-related survey, they’ve been receiving from the streaming service.
According to Music Ally, Spotify is not taking any cut of NFT sales during the testing. Cointelegraph didn’t receive a response from the company by press time.
Related: NFTs are a game changer for independent artists and musicians
Musicians are actively exploring the NFT market, which could be a vital source of revenue, especially in the times when international touring is being disrupted by COVID-19. In 2021Linkin 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 non-fungibles. Aforementioned Steve Aoki, by the Rolling Stone estimate, made close to $3 million by minting just two NFT pieces out of the 11-piece collection.
Source: https://cointelegraph.com/news/spotify-reportedly-tests-nft-galleries-on-musician-profiles
