As Music Ally first reported, Spotify is testing a way for artists to display their non-fungible token (NFT) collections. There are currently NFT previews for artists like Steve Aoki and The Wombats in the music streaming platform’s Android test launch in the US.
“Spotify is running a trial where it will help a small number of artists promote their existing third-party NFT offers through their artist profiles,” a Spotify representative told Music Ally. “We routinely run a series of tests in an effort to improve artist and fan experiences. Some of these tests pave the way for a broader experience, while others just serve as an important learning opportunity.” Spotify did not immediately respond to a request for comment from The Verge.
More companies are trying to ride the NFT wave, but it looks like the initial surge may be slowing down (at least for now). The Wall Street Journal reports that daily NFT sales are down 92%, from 225,000 in September of last year to just 19,000 on May 3. As of the end of April, the number of active NFT wallets decreased from approximately 119,000 in November to 14,000.
If you select an NFT, an expanded version of it and a short description will appear. Additionally, Spotify will offer a “See More” option, which will take you to the NFT page on OpenSea, where you can purchase it. Note, however, that Spotify doesn’t seem to support NFTs that are videos or GIFs; the app only shows a static image of the NFT. It also lacks sound, which is somewhat strange for a music streaming platform. You can only listen to the NFT or determine if it is a video or a GIF by visiting their OpenSea page.
According to Music Ally, Spotify will not charge a commission for NFT sales made through the app because the company is currently testing the integration. It’s also unclear if the test has been made available to other artists or if Steve Aoki and The Wombats are the only ones with access at this point.
In March, rumors circulated that Spotify would enter the Web3 space after the company posted two job postings related to blockchain technology and NFTs. As Music Ally points out, some users have also reported seeing a poll on the Spotify app asking about their opinions on NFTs. Last week, Instagram began testing the NFT integration alongside Spotify.
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Source: vtt.edu.vn