Spotify has decided to enter the world of the NFT. Although they are taking small steps, it is a start towards something huge. YouTube NFT is also on the path with a similar objective. Meanwhile, social platforms like Facebook and Instagram Meta are working on NFT integration, as well.
Let’s take a look at what the popular music streaming platform is bringing in terms of NFT sales, promotion, and other similar technologies:
NFT Previews For Spotify Users
Currently, the NFT testing is available with restricted access to the artists in the US. It includes names like Steve Aoki and The Wombats, among select users. The objective of the Spotify NFT is to:
- Test the preview option where artists promote their NFT collection on the Spotify profile.
- They could help the artists promote NFT sales on third-party markets like OpenSea.
While it is limited, the feature will help the company gain audience insights. It has nothing to do with learning about apps precise location. Nor will it display personalized ads to the users.
“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,” a statement from a Spotify spokesperson.
Holistic Artist and Fan Experiences With Streaming Service
Spotify has always been a superior choice worldwide for artists and users alike. It has a phenomenal collection of Artists, well-known and new ones, and the users appreciate them. Spotify has continually shown us that it is easy for them to manage the services, as well.
The only segment missing from Spotify at this point is the NFT. After all, all the giants mentioned earlier, including Nike, have entered the NFT world. Therefore, it is pivotal for the company to work on Spotify NFTs.
The Spotify NFT integration could open gateways to new possibilities.
How NFT Integration Could Help Group Of Artists On Spotify Streaming Service
First, NFT is the future of the technologies and the Web 3.0 phase. Any company working with blockchain, NFTs, or cryptocurrency, gives the impression of a forward-thinking enterprise. Thus, it plays positively for the people worldwide.
There’s no doubt that the tests that are routinely conducted are mainly due to Spotify partners. Still, it shows us that they are willing to experiment. Currently, with the amount of information we have:
- The selected artists can add NFT and showcase it on their profile pages.
- Spotify users can go ahead and check these NFTs out.
- Artists are free to either display these NFTs for fun or to list down the sales.
- Apart from NFT Previews, Artists promote NFT sales and gain audience insights.
Now, if we look at the utilization of NFT for music, there are many prospects and future potential for this Spotify NFT:
- There are previously reported third-party NFT tools available for Musicians to mint NFTs, poetries, and such. With the leading dominance in the market, Spotify could surpass these tools.
- Spotify could attract a new trajectory of artists and users that are looking to make profits with NFTs or get extra earnings. Thus, it will directly benefit artists in the long-term with monetization and other similar technologies.
Other Similar Technologies
Spotify has proven time and time again that its technology is to help artists. They have helped the Spotify Artist Account link with the Shopify Account. Through this, artists can manage settings and efficiently conduct sales for their merchandise.
Fans could easily access these sales or merchandise while also listening to music. All they needed was an active internet connection to support Spotify. This is important learning because it showcase’s Spotify’s willingness to empower its artists.
The Future Of Spotify NFT
The Non-Fungible Tokens can pave a way for broader utilization of the music service. It wouldn’t just allow managing assets. There could be the addition of minted NFTs in the form of music pieces produced by the artists. This isn’t a new approach but something many platforms are incorporating. Just like how YouTube NFT is working on minting NFT through their creator tool.
We could also expect many music streaming perks to allow users to gain access to exclusive features. For instance, limited membership airdrops from Spotify, evolutionary Spotify NFT, and similar technologies.
However, these are all speculations, as the company is just starting in the NFT world. We could expect it to take a steady approach, just like the Starbucks NFT, and not rush anything.
The Bottom Line – Spotify NFT
As Spotify is just running tests, we may have to wait an entire year before we can expect Spotify NFT to become a thing. There’s one thing for sure. They are not planning on compromising the security aspects. We hope that their partners won’t end up forcing them to take unnecessary measures.
If they harness the blockchain, the challenge would be finding a sustainable and long-term blockchain. So, we can indeed aspect something similar to the Starbucks approach on NFT for Spotify. With time, they could come up with qualitative Spotify NFTs.