Spotify is one of the companies that dove head-first into the NFT space, and the streaming giant is set to strengthen its NFT commitment by making it possible for artists to showcase their NFT collections
NFTs in the streaming space
Spotify’s story is one of overcoming the odds, and the Scandinavian streaming giant revolutionized legal music streaming at a time when the world needed a service they could trust. Spotify has shown steady and impressive growth over the years to become one of the most significant technology companies globally.
As of now, when it comes to music streaming, the company is still head and shoulders above its competition. Being the number 1 streaming service is more impressive when you consider that the company’s competition includes some of the largest and most capitalized companies in recent history.
Spotify has managed to usurp the likes of Apple and Google in a highly competitive and ever-expanding space. Two things that have made Spotify successful include its company culture and focus on employee well-being and the company’s unrelenting investment in research and development.
Companies that fail to innovate are bound to fail, and Spotify is one of those companies that understand this fact and use this knowledge to drive its activities. Spotify is innovating in a new and exciting way by improving NFT incorporation on its platform, and the latest offering from this streaming giant will see artists be able to showcase their NFT collections and offering within the app.
NFT promotion via artist’s profiles
Spotify is ready to take its NFT efforts one step further, the company is testing a solution for artists to display their NFT collections, and the test is in full swing for Android users in the US. For a while, artists have been able to promote tickets and merch on their Spotify profiles, and in little to no time, all artists will be able to promote their NFT collections on their profiles.
The Wombats and Steve Aoki are two famous artists taking part in the test of this feature, and it’s no surprise these acts are involved because they are among the music industry’s earliest adopters of NFTs.
Artists with NFT collections can add them to their Spotify profiles, and users will be able to preview the artists within the Spotify app. It’s worth noting that Spotify isn’t turning into an NFT marketplace; they are simply continuing on the success of helping artists advertise personal projects.
What does this mean for Spotify?
A Spotify spokesperson shared the following during a statement, “Spotify is running a test. It will help a small group of artists promote their existing third-party NFT offerings via their artist profiles. “We routinely conduct several tests in an effort to improve artist and fan experiences. Some of those tests end up paving the way for a broader experience, and others serve only as an important learning.”
As expected, reaction to the announcement has been mixed, with a large subset of NFT non-believers threatening to “delete their Spotify accounts” if the company progresses with its NFT features.