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Spotify Toying With the Idea of Incorporating Non Fungible Tokens

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Many NFT-based groups have long made the promise of unlocking exclusive access. And right now, Spotify is using token-gated playlists to assist some of them in realizing that promise. 

Kingship, a metaverse band contracted to Universal Music Group (UMG), said in a series of tweets that the streaming service is testing playlists that might be accessed with NFTs in specific regions. Only Kingship key card NFT holders will be able to access the exclusive playlist that Kingship has made available as part of the pilot.

What is the Feature

Token-enabled playlists, a feature that enables users to access unique material and utilize the music-hosting app differently, has begun to roll out on Spotify. 

It is collaborating with a company called Overlord, and on Wednesday, it tweeted that the pilot would be accessible in the United States, the United Kingdom, Germany, Australia, and New Zealand. Only Android users and those in possession of Creepz NFTs would have access to it, according to Overlord. 

Users can access a playlist that has been selected by the holder by holding an NFT. Spotify responded to a tweet to confirm the collaboration. 

Kingship, a Universal Music Group project that is a Bored Ape Yacht Club rip-off, also announced that it would take part in the trial. All Kingship Key Card NFT holders will have access to a playlist.

Why the sudden need to test this specific way of accessing music 

NFTs cannot be bought directly by users on the Spotify platform. Any video or GIF format is not supported by Spotify. It only permits still images without sound. On the Spotify platform, users may read information on the NFT, view an enlarged preview, and press an option to be taken to the OpenSea page where they can buy the NFT. 

The NFT integration, according to the spokesman, would not only “open the door for greater experience,” but it will also “serve as an important learning.” The NFT-related survey from the streaming service had been received, according to some Spotify users who tweeted about it. According to Music Ally, Spotify is not deducting any revenue from NFT sales during the experiment.

As a result of Covid-19 touring restrictions, NFTs are becoming increasingly popular in the music industry. NFTs are being investigated by musicians more than ever before. Mike Shinoda of Linkin Park was the first performer to release a single as an NFT, while Kings of Leon were the first group to release a full album as an NFT. According to a Rolling Stone estimate, Aoki made close to $3 million by minting two NFT items from the 11-piece collection.

Given that Apple established a number of guidelines restricting the functions of NFTs last October, the fact that iPhone users are unable to utilise the feature is not surprising. 

In addition to Kingship, other communities including Overlord, Fluf, and Kevin Rose’s Moonbirds are also creating playlists that their token holders can unlock, as was first noted by a major online news platform.

Without providing any other information, Spotify verified this pilot by responding to Overload and Kingship’s tweets. This is only one of several experiments being conducted on the platform, the business said in a statement to TechCrunch.

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