coingeek.com
Music streaming platform Spotify has confirmed rumors that it is testing support for non-fungible tokens (NFTs). The platform, which has over 422 million monthly active users, says the integration will allow artists to promote their NFTs.
The company told MusicAlly that the test is being done as part of an effort to improve the experience of artists and their fans. The data it collects from the test will help it decide whether to push forward with the feature or not.
“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. We routinely conduct a number of tests in an effort to improve artist and fan experiences,” a Spotify spokesperson said.
According to MusicAlly, artists including Steve Aoki, who has long been bullish on NFTs, as well as the Wombats appear to be participating in the test. Select users in the U.S. can preview NFTs on the artists’ profile page.
However, Spotify is not facilitating or taking a cut from the sale of the NFTs. Users interested in purchasing the NFTs will be able to click through to the marketplace where it is listed. This is similar to the Spotify feature that allows artists to promote their merchandise and tickets on the platform.
Spotify is also gathering data about the acceptance of the feature through a survey. The survey, which has been fueling growing speculation on social media, has been getting mixed reactions.
so i got a pop up on Spotify asking for a survey but it’s actually about them implementing NFTs into their service wtf pic.twitter.com/O8iAf0ORXn
— whip shitties (@swiggity_swagg) May 13, 2022
NFTs are gaining popularity in the music industry
NFTs have been getting traction in the music industry lately. This has tied to the unique opportunities they offer artists to monetize their craft, according to a Fortune report.
The report notes that musical artists have been taking advantage of the various digital formats NFTs can take. Music NFTs are rising in popularity among fans and artists. This is strongly indicated by the number of NFT music platforms springing up in the web 3 space.
A case in point in this growing adoption is American rapper Snoop Dogg who released an album exclusively as an NFT. Other artists have also jumped on the trend by releasing their own NFT collections or buying into and promoting existing collections. Jamify has become very popular on the BSV Blockchain and a few other music related applications are about to launch including Soundoshi and Blarecast. All three will be speaking at the BSV Global Blockchain Convention in Dubai between May 24 through May 26.
Meanwhile, should Spotify see through the integration of NFT support, they would join other internet companies that have recently done so, like Twitter and Reddit. Instagram began testing its integration of NFTs just last week.
CoinGeek Conversations episode, Mandeep Singh: From medicine to rap, with a little help from Bitcoin SV