At present companies all across the industries are exploring opportunities for them inside the digital space
One among major music streaming platforms all around the world, Spotify has tested the option for including the option of non fungible tokens (NFT) galleries on the profiles of musicians, as per the reports. The deployment of NFTs would be serving to improve the experiences for both artist and fan if the trial is successful. Reports about the proposal surfaced on Friday that the music streaming platform is currently running a test for selecting users of its android application across the United States.
These selected users would be able to use NFT previews over the profiles of their favorite artists. There are only currently two such artists who are DJ and producer Steve Aoki and popular indie rock band the Wombats, who both are known for their early adoption of the NFTs. It’s quite impossible to make the purchases directly but after going through the NFTs and seeing their preview having brader perception, the users can tap to get redirected to the page of NFT marketplace OpenSea where they can make purchases of the item.
As per the reports there would be no support from Spotify for videos or formats of GIF while showing only a static image there without any sounds. A spokesperson of the company told journalists that there are tests that are being conducted as an effort for the improvement in artists and fan experiences and also that while several among them will end up forming the further ways for border experience and others serve only a crucial learning.
Few users of Spotify shared on Twitter that they had received the survey related to NFT from their streaming services. As per Music Ally, Spotify is however not taking any type of cut of NFT sales as per the trial time.
Musicians are exploring the digital assets market actively which could be an important revenue source, more especially at the time when international touring continues that was disrupted by Covid 19 pandemic. In 2021, Mike Shinoda of Linkin Park became the first artist with a major label to release as an NFT and the Kings of Leon were the first band for releasing their album in NFT form.
Source: https://www.thecoinrepublic.com/2022/05/20/is-spotify-exploring-nft-galleries-for-musician-profiles/