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Monday, December 5, 2022

Spotify Experiments with Musician NFT Galleries

As first reported by Music Ally, Spotify is testing a way for artists to display their non-fungible token (NFT) collections. There are currently NFT previews for artists including Steve Aoki and The Wombats on the music streaming platform’s Android test rollout in the United States.

“Spotify is conducting a test in which it will assist a small number of artists in promoting their existing third-party NFT offerings through their artist profiles,” a Spotify representative told Music Ally. “We routinely conduct a number of tests in an effort to enhance the experiences of artists and fans. Some of these tests pave the way for a broader experience, while others only serve as an important learning opportunity.” Spotify did not immediately respond to a request for comment from The Verge.

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More companies are attempting to ride the NFT wave, but it appears that the initial surge may be waning (at least for the time being). The Wall Street Journal reports that daily NFT sales have decreased by 92% from 225,000 in September of last year to just 19,000 as of May 3rd. As of the end of April, the number of active NFT wallets has decreased from approximately 119,000 in November to 14,000.

If you select an NFT, an enlarged version of it and a brief description will appear. Additionally, Spotify will provide the option to “See More,” which will lead you to the NFT’s page on OpenSea where you can purchase it. Keep in mind, however, that Spotify does not appear to support NFTs that are videos or GIFs; the app only displays a static image of the NFT. It also lacks sound, which is somewhat odd for a music streaming platform. You can only listen to the NFT or determine whether it is a video or GIF by visiting its OpenSea page.

According to Music Ally, Spotify will not collect a commission on any NFT sales made through the app because the company is currently testing the integration. It is also unclear if the test has been made available to other artists or if Steve Aoki and The Wombats are the only ones who have access at this time.

In March, rumors circulated that Spotify would enter the Web3 space after the company posted two job listings related to blockchain technology and NFTs. As Music Ally notes, some users have also reported seeing a survey on the Spotify app that inquires about their opinions on NFTs. Last week, Instagram began testing NFT integration alongside Spotify.

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