Wednesday, June 29, 2022

Spotify experiments with musician NFT Galleries

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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 like Steve Aoki and The Wombats on the music streaming platform’s Android test rollout in the United States.

“Spotify is conducting a trial in which it will help a small number of artists promote their existing third-party NFT offerings through their artist profiles,” a Spotify representative told Music Ally. “We regularly conduct a number of tests to improve 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.

More companies are trying to ride the NFT wave, but it seems that the initial gains (at least for now) are slowing down. The Wall Street Journal reports that daily NFT sales are down 92% from 225,000 in September last year to just 19,000 on May 3. At the end of April, the number of active NFT wallets decreased from approximately 119,000 in November to 14,000.

When you select an NFT, an enlarged version and a short description will appear. Additionally, Spotify offers a “See More” option, which takes you to the NFT page on OpenSea where you can purchase it. Keep in mind, though, that Spotify doesn’t seem to support NFTs that are videos or GIFs; the app only displays a static view of the NFT. It also lacks sound, which is somewhat odd for a music streaming platform. You can listen to the NFT alone or determine if it’s a video or GIF by going to the OpenSea page.

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

In March, rumors circulated that Spotify would be entering the Web3 space after the company posted two job openings related to blockchain technology and NFTs. As Music Ally points out, some users have also reported seeing a survey in the Spotify app asking for their opinions on NFTs. Last week, Instagram began testing NFT integration alongside Spotify.

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