Spotify started limited testing of NFTs on its platform

If the test is successful, the service will implement a full-scale integration of non-fungible tokens

18.05.2022 - 07:25

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What’s new? Streaming music service Spotify has allowed creators to promote their NFTs as part of limited testing for certain Android app users in the United States. It is reported by the portal Musically.

News on the website Musically

What is known about the new feature? DJ Steve Aoki and indie band The Wombats are taking part in the test. NFTs will be put on their profile pages and users will be able to tap through to view and buy them from external marketplaces. In this, the Spotify platform itself does not sell NFTs or take a cut of sales as part of the test. The service only allows artists to promote tokens with their profiles.

The results of the test will help the platform decide whether to implement this feature and whether to consider further integration of NFTs on Spotify.

What events happened before? In March, Universal Music bought NFT from the Bored Ape Yacht Club collection. Based on the token, the label would create a character for the music group Kingship. The project manager revealed that the band would hold online concerts at the metaverses.

Social network Instagram, owned by Meta (recognized as extremist and banned within the Russian Federation), announced the addition of support for NFTs based on Ethereum, Polygon, Solana, and Flow blockchains. Large crypto wallets such as MetaMask would be used to tie non-fungible tokens to the social network. Instagram would not charge for posting NFTs.

Russian social network VKontakte is also planningto launch a marketplace to sell NFTs and create its own metaverse. The company’s management believes that VKontakte should become the main provider of access to non-fungible tokens in Russia and CIS countries.

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