Back a year ago, Spotify let artists to sell merch and tickets through their Spotify profiles. The streaming service now aims to take this market like functionality even further by letting artists promote and distribute their NFT collections.
Musicians like Steve Aoki and The Wombats are already participating in the test. Their NFTs are available on the music streaming service’s Android app for a select group of US consumers.
Spotify integrates NFTs
For the time being, Spotify will not be collecting any commissions from NFT sales made via the app. The service is now testing a method for artists to promote their NFT collection on the site and it is this that will govern the future infrastructure of NFTs on Spotify.
You may purchase NFTs by clicking “See More” in the artist’s OpenSea profiles as an alternative. Spotify seems to support video NFTs, yet the app just shows a static image in the background.
The platform does not currently support music NFTs as a means of music distribution. Accessing the NFT requires going to its OpenSea marketplace page and clicking on it.
Based on the information obtained during the research phase, it will be decided whether or not this feature should be made available to all artists. In addition, it will assist Spotify in the future in making more ambitious judgments on NFTs.
Because of this, Spotify will not get any money from any of the NFT sales for the time being. Steve Aoki, the renowned aficionado of NFTs and The Wombats have been given access to the test, but there’s no word on whether it’s open to additional musicians.
Spotify advertised two new job roles in March that dealt with blockchain and non-fungible tokens (NFTs). According to Music Ally, NFTs have come up as a topic of discussion for certain Spotify users. NFT integration was also tested by Instagram only last week, with Spotify.
It is probably not Spotify’s only source of data. The topic of a poll has been emailed to a select group of Spotify users. Based on screenshots given by users, Spotify may have more ambitious plans to include NFTs in its service.
NFT tech conquers new industries
A rumour that Spotify might enter the Web3 market first surfaced in March when the company published two job listings for NFTs. Those guesses seem to be correct now. In a statement issued last week, Meta confirmed that it is working on adding support for Instagram NFTs. In fact, NFT plans to add support for Facebook in the very near future.
No matter how many firms join the NFT hype, it seems that the early boom has slowed. The Wall Street Journal reports that NFT sales have dropped 92% from their 2013 high. Over half a million dollars had been wiped out before the end of the month. from 119,000 to 14,000 active wallets in the same time span.
Sudden decrease of interest
It seems that the initial flurry of interest in NFT is decreasing as more corporations get on board of the NFT movement (at least for the time being). There were 225,000 daily NFT sales in September of last year; according to The Wall Street Journal, just 19,000 were being sold as of May 3rd. At the end of the first quarter of this year, there were just 14,000 NFT wallets in use, down from 119,000 just three months earlier.