Spotify has started testing NFT features with a few selected artists in the US
The news was first reported by Music Ally when a Spotify spokesperson confirmed that:
“Spotify is running a test where it will help a small group of artists promote their existing third-party NFT offerings through their artist profiles.”
The music streaming giant will allow a number of artists to promote their NFTs on their profile pages.
If the trial goes well, artists who have embraced NFTs as a means of fan engagement, such as Deadmau5, Grimes, and Tory Lanez, may be able to connect their NFTs to the platform.
Spotify is clear that this is just a test and that they will not be selling NFTs directly on the platform. However, Spotify users can click on NFT marketplaces where the artist lists their NFTs. Spotify will not take any commission on these sales.
Earlier in May, the company launched Spotify Island in the Roblox metaverse – a strong signal of activity and experimentation with Web3 technologies.
Platforms dedicated to Web3 artists and musicians
Some of the major social and sharing platforms are exploring potential integrations with NFTs as more big-name artists announce they are using NFTs as a possible revenue model.
In April, Linkin Parks co-founder Mike Shinoda was tapped by Warner Recorded Music to help shape the company’s artist-centric approach to Web3. His generative mixtape ‘Ziggurats’ was released as a collection of 5,555 NFTs on the Tezos blockchain and sold out within minutes in December 2021.
Spotify is just one of many creator-focused sharing platforms currently researching or evaluating NFTs as a channel to help creators build communities. instagram also confirmed that it will support creators and collectors in showcasing their NFTs on the platform.
More and more musicians and artists are embracing NFTs as an additional source of income as they discover direct fan connections. Since King of Leon became the first group to release an album as NFT in March last year, artists around the world have started exploring NFT as a channel for promotion and connection for the future. .