In what appears to be a bid to provide musicians with new revenue streams on its platform, it has been revealed that Spotify has begun limited testing of NFT galleries. So alongside artists being able to promote concert dates and merch, they’ll now be able to offer their latest NFT collections.
First reported by Music Ally, the testing is currently limited to a select number of Android users in the US, enabling artists like Steve Aoki and The Wombats to promote their NFTs. Spotify users will be able to preview these NFTs on the artist’s profile pages, taking them through to external marketplaces like OpenSea via a “see More” to purchase, The Verge spotted.
“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,” Spotify told Music Ally in a statement. “We routinely conduct a number of tests in an effort to improve artist and fan experiences. Some of those tests end up paving the way for a broader experience and others serve only as an important learning.”
It must be noted that because the Spotify test is linking to externally sold NFTs it won’t take a cut of any sales made. It’s also unclear as to how many artists are involved and whether the test will be expanded to more territories.
Spotify’s NFT plans initially surfaced a few months ago but it’s certainly not the first big company to realise that Web3 could have a place on its platform. Instagram made the biggest announcement of the month, officially revealing plans to integrate NFTs for US-based creators and collectors.
While Steve Aoki is a Web3 enthusiast, more musicians have begun to leverage the power of NFTs and Web3, simply take a look at Madonna’s MOTHER OF CREATION collection to see for yourself.
For continued updates on Spotify’s NFT plans, keep reading gmw3.