Business

Spotify is reportedly testing NFT galleries on musician profiles

blank

Major music streaming platform Spotify is reportedly testing the option of nonfungible tokens (NFTs) galleries on musician profiles. Should the tests appear successful, embedding NFTs would serve to improve the artist and fan experience.

Reports surfaced on Friday that Spotify is conducting a trial for select users of the platform’s Android app in the United States. These users can see the NFT preview on the artist profiles. There are currently only two such artists, DJ and producer Steve Aoki and indie rock band The Wombats – both known for their introduction of NFTs.

There is no direct purchase option, but after the user has read about the NFT and received the enlarged preview, the user can tap to be redirected to the OpenSea page where they can purchase the item. According to reports, Spotify does not support videos or GIF formats and only shows a static image with no sound.

As the company’s spokesperson told journalists, the tests are “conducted in an effort to improve the experience for artists and fans,” and while some of them “pave the way for a broader experience,” others “serve only as important learning.” “. Some Spotify users told via the NFT-related survey they received from the streaming service.

According to Music Ally, Spotify is not taking any cuts in NFT sales during the test. Cointelegraph had not received a response from the company as of press time.

Related: NFTs are a game changer for independent artists and musicians

Musicians are actively exploring the NFT market, which could be an important source of revenue, especially at a time when international touring is disrupted by COVID-19. In 2021, Linkin Park’s Mike Shinoda became the first major label artist to release a single as NFT, and the Kings of Leon became the first band to release an entire album as non-fungibles. The aforementioned Steve Aoki earned nearly $3 million, according to Rolling Stone’s estimate, by minting just two NFT pieces from the 11-piece collection.