NFT Weekly Blog: Spotify and Music NFTs

Kings of Leon launched an NFT album. Steve Aoki hit the news with his ‘Dream Catcher’ NFT collection. Grimes combined her penchant for music and visual art with a series of NFTs. It is undeniable that musicians are intrigued by the world of non-fungible tokens, but now music streaming platforms are looking to join the blockchain ecosystem, with Spotify reportedly carrying out a test run of NFT profiles for music artists.

As reported by Music Ally, this test run has allegedly gone live for a small number of users based in the USA, who are able to engage with NFT previews on the artists’ profiles. The pilot group of artists is currently limited to DJ Steve Aoki and rock band The Wombats, but it will be interesting to see which other artists will promote their NFTs on Spotify should this trial be deemed a success.

While direct purchases of NFTs cannot be made on Spotify, after previewing the NFT on the streaming platform, the user can opt to be redirected to the OpenSea page where they can then buy the asset.

By introducing NFTs to a streaming platform such as Spotify, the goal is to improve the experience of both artist and listener. NFTs allow musicians to promote and profit from their artwork, while fans are able to enjoy an exclusive connection to their favourite artists in the form of NFTs and any additional perks that these tokens may entail.

Should Spotify proceed beyond the testing stage of these NFT galleries, the unique opportunity that NFTs offer to connect with fans and enhance content value could change the game for musicians that wish to leave their mark on their industry.

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