Spotify has begun testing NFT features with a select few artists in the U.S.
The news was first reported by Music Ally when a spokesperson for Spotify confirmed that:
“Spotify is running a test in which it will help a small group of artists promote their existing third-party NFT offerings via their artist profiles”.
The music streaming giant will allow a select number of artists to promote their NFTs on their profile pages.
If the trial goes well, artists who have embraced NFTs as an avenue for fan engagement such as Deadmau5, Grimes and Tory Lanez may be able to connect their NFTs with the platform.
Spotify is clear that this is just a test, and they will not be selling NFTs directly on the platform. However, Spotify users can click through to the NFT marketplaces where the artist lists their NFTs. Spotify will not take any commission from these sales.
Earlier in May, the company launched Spotify Island in the Roblox metaverse — a strong signal of activity and experimentation with Web3 technologies.
Platforms catering to Web3 artists and musicians
Some of the leading social and sharing platforms are exploring the potential integrations with NFTs as more high-profile artists announce that they are using NFTs as a possible revenue model.
In April, Linkin Parks co-founder Mike Shinoda was picked up by Warner Recorded Music to help shape the company’s artist-centric approach to Web3. His generative mixtape ‘Ziggurats’ was released as a collection of 5,555 NFTs on the Tezos blockchain and sold out in minutes in December 2021.
Spotify is just one of many creator-focused sharing platforms that are now either conducting research or evaluating NFTs as a channel to help creators build communities. Instagram has also confirmed that it will support creators and collectors in showcasing their NFTs on the platform.
More musicians and artists are adopting NFTs as an additional revenue stream as they learn about the direct connections with fans. Since King of Leon famously became the first Band to release an album as an NFT in March of last year, artists worldwide have begun exploring NFTs as a channel of promotion and connection for the future.