Main music streaming platform Spotify is reportedly testing the choice to incorporate nonfungible token (NFT) galleries on musicians’ profiles. Ought to the trial succeed, the embedding of NFTs would serve to enhance artist and fan experiences.
Stories surfaced on Friday that Spotify is operating a take a look at for choose customers of the platform’s Android app in the USA. These customers can see the NFT previews on the artists’ profiles. Presently, there are solely two such artists, DJ and producer Steve Aoki and indie rock band The Wombats — each of that are recognized for his or her adoption of NFTs.
It’s not attainable to make direct purchases, however after studying concerning the NFT and seeing an enlarged preview, the person can faucet to be redirected to the OpenSea web page the place they’ll buy the merchandise. In keeping with reports, Spotify doesn’t assist movies or GIF codecs, exhibiting solely a static picture with none sounds.
An organization spokesperson instructed journalists that the assessments are being performed “in an effort to enhance artist and fan experiences” and that whereas a few of them will find yourself “paving the best way for a broader expertise,” others “serve solely as an vital studying.” Some Spotify customers shared on Twitter that they’d acquired the NFT-related survey from the streaming service.
In keeping with Music Ally, Spotify isn’t taking any minimize of NFT gross sales through the trial. Cointelegraph didn’t obtain a response from the corporate by publication time.
Associated: NFTs are a sport changer for impartial artists and musicians
Musicians are actively exploring the NFT market, which might be an important income, particularly at a time when worldwide touring continues to be disrupted by COVID-19. In 2021, Linkin Park’s Mike Shinoda grew to become the primary major-label artist to launch a single as an NFT, and the Kings of Leon had been the primary band to launch an entire album within the type of nonfungible tokens. Aoki, in accordance with an estimate from Rolling Stone, made near $3 million from minting simply two NFT items out of the 11-piece assortment.
The journalist is a writer and digital nomad. Loves thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.