Spotify Trials Token-Capable Playlists In Different Markets
Spotify, a music streaming giant, is broadening its Web3 initiatives by experimenting with token-enabled playlists in various markets worldwide. On Wednesday, Overlord, a gaming Web3-based ecosystem, revealed that it had signed a partnership with Spotify.
Token-enabled Playlists Available To A Few Countries
As a result, fans who have the Creepz NFTs can access its community-selected token-enabled playlist on Spotify through their Web3 wallets. However, the playlist is open to only Android users from Germany, New Zealand, Australia, the United Kingdom, and the United States.
In addition, the Moonbirds, Fluf, and Kingship metaverse communities will also participate in the three-month pilot. Moonbirds and Fluf have not publicly announced their partnership with the streaming platform.
On the other hand, Kingship has confirmed its involvement in the pilot through a post on Twitter. The tracklist contains popular songs that have topped the music chart from famous singers like Led Zeppelin, Snoop Dogg, Missy Eliott, and Queen.
However, users must have a Kingship Key Card NFT to access the tracklist. Interestingly, the announcement caused a significant increase in the value of Web3 music tokens.
One such token, Viberate’s native token (VIB), experienced a surge of 33%. Other tokens, including Rhythm (RHYTHM) and Audius (AUDIO), saw increases of 2.5% and 4%, respectively.
With over 489 million subscribers, Spotify previously tested the integration of NFTs on its platform. Last May, the music streaming platform initiated a trial of NFT galleries on the profiles of musicians.
While no direct purchasing option was available, users could preview the artists’ NFTs and were redirected to the OpenSea page, where they could complete the transaction. Some musicians allowed to advertise their NFTs on their Spotify accounts include The Wombats and Steve Aoki.
The Music Industry And Web3
The music industry continues to be one of the growing areas for adopting digital assets. Several music platforms have opened their arms to crypto, NFTs, and digital collectibles.
Towards the end of January, Fountain, a podcasting platform facilitating value-for-value messages, joined forces with Zebedee to allow podcast listeners to subscribe using Bitcoin. In February, the royalty rights for Rhianna’s 2015 chart-topping song, “Bitch Better Have My Money,” aka BBHMM, were minted as 300 NFTs.
Over the years, multiple music-related Web3 platforms have surfaced, aiming to decentralize music lovers’ experience. One such platform is Audius, a streaming service that supports cryptocurrency.
Audius permits users to receive their rewards in AUDIO tokens when they interact with the app. Furthermore, there are two additional platforms, namely Another Block and Royal. Music composers can sell their royalties on these places as NFTs.
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