Spotify is coming soon with NFTs? The streaming giant is testing new NFT functions

Music streaming giant Spotify has confirmed, that he is testing NFT features with a select group of artists. Accordingly, the company has started to try out NFT functions with a few selected artists in the USA.

Spotify is coming soon with NFTs?

The news was first reported by Music Ally. Then a spokesman for Spotify confirmed:

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“Spotify is running a test where it will help a small group of artists promote their existing third-party NFT offerings through their artist profiles.“

So, the music streaming giant will allow a select number of artists to promote NFTs on their profile pages.

If the test phase goes well, artists who use NFTs as a means of fan loyalty can connect their NFTs to the platform. These include artists such as Deadmau5, Grimes and Tory Lanez.

Spotify clarifies that this is just a test and NFTs are not sold directly through the platform. However, Spotify users can click through to the NFT marketplaces where the artists offer their NFTs. Spotify receives no commission for these sales.

At the beginning of May, the company launched “Spotify Island” in the Roblox metaverse. According to analysts a strong signal of activity and experimentation with Web3 technologies.

Which platforms are aimed at Web3 artists and musicians?

Some of the leading social and sharing platforms are exploring possible integrations with NFTs. Because: More and more high-profile artists are announcing that they are using NFTs as a possible revenue model.

In April, Linkin Park co-founder Mike Shinoda was hired by Warner Recorded Music to help shape the company’s artist-centric approach to Web3. His generative mixtape “Ziggurats” was released as a collection of 5,555 NFTs on the Tezos blockchain in December 2021. It was sold out within minutes.

Spotify is just one of many author-focused sharing platforms that are now either conducting research or evaluating NFTs as a channel that helps creators build communities. Instagram has also confirmed that it will support creators and collectors in presenting their NFTs on the platform.

More and more musicians and artists are using NFTs as an additional source of income, as they learn to appreciate the direct connections to the fans. Since Kings of Leon became the first band to release an album as NFT in March last year, artists around the world are starting to explore NFTs as a promotional and contact channel for the future.

Text Credit: Cryptoslate

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