Spotify announced on Monday that it is testing a new feature that will allow artists to promote their non-replaceable tokens (NFT) on their profiles.
The Swedish audio and media service provider said the new option was only available to “a very small group of artists”. The company said the test is currently available to a select group of Android users across the United States.
Users who are part of the test will be able to view NFTs via the artist profile page. Then they will be able to approach to see and learn more about certain NFTs and decide to buy them on external markets.
Spotify noted that it does not apply any fees for the sale of NFT as part of the test. The company clarified that it is only testing a way to allow artists who sell NFTs to promote them on their service. According to Spotify, the data will help decide whether to launch a full function for all artists.
Spotify said it is conducting the test in response to requests from its industry partners. The company further noted that the test is part of its ongoing commitment to enable artists to deepen their connections with fans both on and off the platform.
In a statement, a Spotify spokesman said: “Spotify is conducting a test to help a small group of artists promote their existing third-party NFT offerings through their artist profiles. We routinely conduct numerous tests in an effort to improve the experience of artists and fans. Some of these tests eventually pave the way for a broader experience, while others serve only as important learning. ”
Blockchain in the music industry
In March this year, Spotify announced plans to add blockchain technology and NFT to your streaming service. The music streaming giant has released two job advertisements that show its intention to hire people to work in the early stages for Web3 projects.
With the new venture, Spotify is estimating how it could develop its own cryptocurrency or NFTs to regulate how record labels and artists get paid for their albums and songs.
The proposed system uses blockchain technology to create a common book of rights and royalties between music publishers, musicians and other players in the music industry.
Streaming services play an important role in people’s lives. When it comes to music, Apple Music, YouTube and Spotify have become inseparable from the music industry. Blockchain-based platforms and NFTs have become a vital aspect of using the way such services (Spotify, YouTube, and others) transmit songs for the benefit of performers on their platforms.
NFT can represent anything of value, from a work of art to a song and beyond. Their irreplaceable nature means that each token is different, which enables the preservation of ownership rights on the blockchain.
Using blockchain technology and NFT, Spotify can further improve its streaming services to help both users and artists get more out of them.
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