Spotify Reportedly Forays Into NFTs: Here's Everything You Need To Know
From Adidas and Nike to Coca-Cola and McDonald’s, dozens of popular brands have already forayed into NFTs.
New Delhi: Spotify, the popular audio streamer, appears to have jumped onto the NFT bandwagon. NFTs, or non-fungible tokens, are one-of-a-kind digital units based on blockchain. They can be based on anything, ranging from songs to artworks — as long as they are unique. If you own an NFT, rest assured that no one else in the world will be able to own that exact same NFT, unless you decide to sell it. Owing to the unique factor, NFTs have piqued the interest of buyers all around the world, sometimes fetching millions in auctions. From Adidas and Nike to Coca-Cola and McDonald’s, dozens of popular brands have already forayed into NFTs, and now, Spotify is reportedly looking to do the same.
Spotify’s NFT feature: How does it work?
As per a report by Music Ally, Spotify is now testing a new feature that will allow artists on the platform to showcase their NFTs via their profile pages. A company spokesperson confirmed to the publication, “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.” It should be noted that Spotify didn’t confirm when the feature will officially start rolling out — if at all.
For now, Spotify is reportedly testing the NFT feature on its Android app for a select number of users. After previewing an NFT on an artist’s profile, users can go ahead and purchase it if they wish via third-party platforms.
Spotify’s NFT feature: Will the streamer be making any money off NFTs?
So far, it doesn’t look like Spotify itself will make any money from its NFT showcase feature, as users will be redirected to third-party platforms to buy an NFT that catches their fancy.
“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,” the Spotify spokesperson said.
As per the Music Ally report, Spotify is also conducting an online survey where it is asking if users would like to purchase NFTs from the audio platform, in order to support an artist of their choice.
For now, it’s hard to predict if Spotify would indeed be going all-in on NFTs and eventually start selling NFTs, or if this is just a one-off test.
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