Spotify, the prominent venue for streaming music, is reportedly examining the feature of incorporating NFTs (non-fungible tokens) galleries on the profiles of the musicians. If the respective tests prove to be successful, the fan and artist-based experiences would be improved with the help of the linked NFTs.
On Friday, the reports circulated that the platform is conducting a test for the selected consumers that utilize the Android application of the platform within the United States. The NFT previews can be seen by the respective consumers on the profiles of the artists. At the moment, there exist just a couple of such artists including The Wombats (a rock band) and Steve Aoki (the producer and DJ), both of whom are famous for their NFT adoption.
No possibility to do a direct purchase is available, however, after reading regarding the NFT as well as having an expanded preview, the consumers will be permitted to tap and thus be redirected to the page of OpenSea (an NFT venue) from where the object could be purchased. GIF or video formats are not supported by Spotify, as mentioned by the report, presenting just a static image with no inclusion of sounds.
As told by the spokesperson of the venue to the journalists, they are organizing the tests in an endeavor to improve the experiences of fans and artists. In addition to this, as a few of them will ultimately have a way paved toward a wider experience, the rest of them serve just to acquire significant learning. A few customers of Spotify expressed about the survey that dealt with NFTs, stating that they have been notified by the streaming service in this regard.
Spotify, as per Music Ally, is not going to take any proportion of the sold NFTs’ profits during the testing phase. Musicians across the globe are enthusiastically endeavoring to delve deep into the market of non-fungible tokens, which could prove to be a significant means to generate revenue, particularly in the situations when COVID-19 becomes the cause of disruption in an international tour.
In the previous year, the Mike Shinoda of Linkin Park became the initial major-label artist who released a single in the form of an NFT. Apart from this, the honor of being the earliest band that released an entire album in the NFT form was occupied by Kings of Leon. In a random estimate, the above-mentioned Steve Aoki made nearly $3M by minting only a couple of NFT pieces out of a collection containing 11 pieces.
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