Major music streaming platform Spotify is reportedly testing the option to include non-fungible token (NFT) galleries on musicians’ profiles. If the trial is successful, embedding NFTs will help improve the experience for artists and fans alike.
On Friday, reports surfaced that Spotify is testing in the U.S. with some users of the platform's Android app. These users can see NFT previews on the artist's profile. Currently, there are only two such artists, DJ and producer Steve Aoki and indie rock band The Wombats — both of which are known for adopting NFTs.
It is impossible for users to buy NFT directly, but after reading the NFT and seeing the enlarged preview, users can click to be redirected to the OpenSea page, where they can buy NFT. According to reports, Spotify does not support video or GIF formats, and only displays static images without sound.
A company spokesperson told reporters that the tests are meant to "improve the experience for artists and fans," and while some of them will eventually "pave the way for a broader experience," others "just serve as an important learning curve." ". Some Spotify users shared on Twitter that they had received NFT-related surveys from the streaming service.
According to Music Ally, Spotify will not take any cut of NFT sales during the trial period. Cointelegraph had not heard back from the company by press time.
Musicians are actively exploring the NFT market, which could be an important source of income, especially as international tours continue to be affected by the new crown epidemic. In 2021, Linkin Park's Mike Shinoda becomes the first major label artist to release a single in NFT format, and Kings of Leon is the first band to release an entire album in NFT format. Rolling Stone estimates that Steve Aoki made nearly $3 million by minting just two NFTs out of 11 collections.
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