According to multiple reports, massively popular music streaming service, Spotify is currently testing out the introduction of NFT galleries on the main profiles of some selected artists.
Spotify Integrating NFTs
The latest reports regarding globally popular music streaming platform, Spotify highlight that the platform has been working to find ways for enhancing engagement levels between both popular artists and their loyal fans. Spotify has apparently been testing the addition of Non-Fungible Token (NFT) galleries on Artist profiles. If the tests come out to be successful, there is a huge chance that the new NFT integration will launch soon, leading to enhanced artist and fan services.
Reports have also mentioned that Spotify has been testing this new NFT integration with some carefully selected users from only the United States, who are tasked to test out the new integration on the Android OS platform. Users can view previews of NFTs on the profile sections of some selected artists. As of now, only two selected Artist profiles have been considered for testing purposes, one profile is of DJ Steve Aoki and the second profile is of the indie Rock Bank, The Wombats.
Furthermore, Spotify has apparently teamed up with globally recognized NFT trade platform, OpenSea for the purchasing of the NFTs. There is no direct transaction option, however users can buy the NFTs via the connection with OpenSea, by visiting the linked webpage. As of now, the NFTs only includes static images having no audio, despite NFTs coming in multiple formats such as, video and Gifs.
A representative from Spotify discussed this new integration with some journalists, stating that this new feature is aimed towards upgrading and enhancing both artist and fan experiences. Multiple active users of Spotify have also shared on multiple social media platforms that they were asked to fill out a survey which included the idea of NFTs being integrated into the service.
Music Alley mentioned that during the trail phase, Spotify will not be charging any cut from the NFT transactions, however an official response from Spotify about this hasn’t come into sight just yet.
Artists and the NFT Space
Many artists around the world have been looking for unique ways to better engage with their fans, peeking into the NFT space for new opportunities, especially after the events of the Covid-19 Pandemic, which led to halts in public gatherings and concerts, reducing the amount of engagement between both Artists and their fans altogether. The massively popular Linkin Park Artist, Mike Shinoda was the first-ever artist to introduce a single as an NFT. Such ideas like this are what artists are looking into right now.