According to Music Allya media specializing in the music industry, Spotify is currently experimenting NFTs on its platform. Some artists have been selected for promote their own NFT gallerieslike true works of art.
Steve Aoki and The Wombats Reveal Their NFT Galleries
According to a spokesperson for the Swedish company, some artists are already able to promote their NFTs on their Spotify profiles, as part of an experiment. This is for example the case of Steve Aoki and The Wombats who have an NFT gallery. They are among the first artists on the platform to have adopted this new feature. Don’t get carried away, for the moment only a few users of the Spotify Android application in the United States can access these galleries.
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Eventually, Spotify may roll out this new feature on a large scale. The platform specifies that users can consult artists’ NFTs and even buy them on external marketplaces. A Spotify spokesperson told Music Ally that “our teams are currently running a test where we help a small group of artists promote their existing third-party NFT offerings through their artist profiles”.
Spotify is looking for a way to ride the wave
On the other hand, for the moment nothing ensures that this experimentation will result in a final product. Indeed, the spokesperson for Spotify specifies that “We regularly run a number of tests with the aim of improving the experience for artists and fans. Some of these tests end up paving the way for a larger experience and others are just for learning.. Let’s be clear: with this new feature, Spotify does not sell NFTs nor does it take a commission on sales. The platform is simply testing a way to allow artists who sell NFTs to promote them on its service.
The data collected during this test will help Spotify decide whether to roll out this feature for all artists, but it will also help determine if Spotify decides to do so. something more ambitious with NFTs in the future. More and more companies are trying to ride the NFT wave. Meta recently formalized the arrival of NFTs on its social networks. Nevertheless, the bubble already appears to be running out of steam: daily NFT sales have fallen 92% from 225,000 in September last year to just 19,000 as of May 3.