cryptointelligence.co.uk
Swedish music streaming giant Spotify is set to test a series of token-backed playlists across several critical listening markets around the world.
The three-month pilot involves Web3 gaming platform Overlord, which tweeted the partnership on Wednesday. This will allow communities to build song playlists on the Overlord platform and access them on Web3 wallets.
People with Creepz non-fungible tokens (NFTs) can access the Web3-backed playlists on Spotify’s streaming platform. The United States, United Kingdom, Australia, New Zealand, and Germany can access the playlists.
We, KINGSHIP strive to ALWAYS be at the forefront of technology and music.
— KINGSHIP (@therealkingship) February 22, 2023
Now, we're taking this commitment a step further by launching a brand new token-enabled playlist with @Spotify!
This is a special curated playlist exclusively for KINGSHIP Key Card (NFT) holders. 🧵 pic.twitter.com/5ftjk8OgC6
Additional communities such as Moonbirds, the Fluf, and Kingship will also join the initiative, requiring users to own a Kingship Key Card NFT to participate.
The news comes after Spotify rolled out an NFT gallery programme for select musicians. At the time, users could preview artist NFTs and later purchase the items on OpenSea.
According to DeFi Planet, some of the best music streaming platforms are Audius, Royal, Sound, Emanate, Catalog, and Glass.xyz.
Web3 music aims to tackle the ongoing music industry crisis of low artist royalties, loss of ownership rights, and unequal distribution of revenues.
Artists fail to receive sufficient compensation due to the issues. Decentralised Web3 music platforms use the blockchain to link fans to artist NFTs and additional benefits for exclusive releases, artworks, and other incentivised programmes.