Spotify is currently testing a feature, related to artists promoting their non-fungible token (NFT) collections, on the music streaming platform.
According to Music Ally, which first reported the story, tests are underway for some Android users in the US already. Two of the artists involved in the testing are Steve Aoki and The Wombats.
What is Spotify planning to do with NFTs?
A platform meant to let artists display tokens they hold
The 13 May report says that users will be able to preview NFTs on the artists’ profile pages, before buying them from external marketplaces.
“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 Spotify spokesperson said in a statement to Music Ally.
“We routinely conduct a number of 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.”
TechCrunch, too, independently confirmed the development on 16 May.
The reports indicate that as of now Spotify is not involved in the sale of the NFTs and is simply helping artists showcase their collections on the service.
Instagram already testing NFT integration
The news of Spotify entering the NFT space comes days after Meta CEO Mark Zuckerberg revealed on 9 May, that Instagram is going to start testing NFT integration on the platform within the week.
“We’re starting building for NFTs not just in our metaverse and Reality Labs work, but also across our family of apps. We’re starting to test digital collectibles on Instagram so that creators and collectors can display their NFTs,” Zuckerberg told Tom Bilyeu, the co-founder and host of Impact Theory — a weekly interview show involving some of the world’s most famous achievers.
Notably, the news of major tech companies trying to ride the NFT wave, comes amid the news of a dip in sales of the tokens. The Wall Street Journal reported that daily NFT sales have fallen by 92 percent from 225,000 in September 2021 to just 19,000, as of 3 May 2022. Active NFT wallets, too, are down to 14,000 in April 2022 from 119,000, in November 2021.
(Main image: Fixelgraphy/@fixelgraphy/Unsplash; Featured image: Alexander Shatov/@alexbemore/Unsplash)