Spotify, a leading music streaming service, is reportedly looking toward incorporating NFT galleries into artist profiles.
In order to “keep increasing artists’ and fans’ engagement,” the site is evaluating its users. If the testing is beneficial, the use of NFTs will benefit both artists and fans.
According to sources, Spotify is running a test for some Android app users in the United States.
The NFT previews are currently available on DJ and producer Steve Aoki’s and indie rock band The Wombats’ artist profiles.
However no direct purchases are allowed, users can click to be taken to the OpenSea website, on which they can learn about the NFT and see an enlarged preview before purchasing.
Spotify, as per reports, does not support video or GIF files, instead displaying a static picture with no sound.
According to a company representative, the test is being conducted “in an effort to improve artist and fan experiences.”While some will “pave the way for a bigger experience,” others will “serve just as essential learning.
Few Spotify subscribers reported receiving the NFT-related poll from the streaming platform on Twitter.
As part of the test, we hear that Spotify will not take a cut of NFT sales. So, to really be fair, Spotify isn’t selling NFTs here; it’s only experimenting with a way for artists who sell NFTs to advertise them on Spotify.
Musicians are increasingly analyzing the NFT market, which might be a relevant source of income, especially as COVID-19 continues to hamper international touring.
Mike Shinoda of Linkin Park was the first major-label artist to release a track as an NFT in 2021. In 2022, Kings of Leon was the first band to release a full album as an NFT.
According to Rolling Stone, Aoki made close to $3 million from just two NFT pieces out of the whole 11-piece collection.