The flexibility of big companies toward technology makes the space more interesting than ever before.
Music Ally, a platform specializing in music and technology, reported last weekend that Spotify is launching a trial of new NFT features that let artists promote their non-fungible tokens (NFTs) on the platform.
This Game is Real
The new functionality, however, is limited to a “very small group of artists.” For this trial phase, the company targets a couple of select users based in the United States. In the interview with Music Ally, Spotify’s spokesperson said:
“Spotify is running a test in which it will help a small group of artists promote their existing third-party NFT offerings via their artist profiles.” The spokesperson added: “We routinely conduct a number of tests in an effort to improve artist and fan experiences. Some of those tests end up paving the way for a broader experience and others serve only as an important learning.”
Those chosen to participate in the test will have access to a limited number of NFTs featured on an artist’s profile page.
They will decide whether or not to purchase the NFT after learning more about NFT details. If the user wants to purchase the NFT, the transaction will be performed on an external marketplace.
Spotify stated that there would be no additional charges for this feature testing. As previously reported, Spotify had received several requests for NFT integration from its industry business partners.
The trial roll out was not just a response to the requests, but also part of the company’s ongoing efforts to build a fair community in which artists can stay connected to their fans and supporters can interact with their artists more.
The new function appears to be comparable to Twitter’s profile NFTs. Twitter has introduced a new tool that lets certain users create avatars using NFT.
As a result, the NFT avatar picture will be shown as a hexagon rather than a circle, and viewers may click on them to learn more about the NFT effort.
Making it Work
The NFT playground is not just for major businesses, IT giants worth hundreds to billions of dollars.
This is an irrefutable reality. However, we must accept that the sector is more exciting and promising as a result of increased participants, who have a faster pace, a clearer vision, and abundant financial resources for deployment and development.
Last week, Meta revealed its plan to provide NFT support for collections on multiple blockchain networks, including Ethereum, Polygon, Solana, and Flow.
The social media company also stated that it will not charge users for using or sharing its NFT. The pilot initiative will include a limited number of NFT users from the United States.
From the milestone marked by Axie Infinity game pioneer, the NFT movement has stimulated the world.
Now, every company wants to look into the possibility of integrating the technology into their product lines. Many experts are afraid that the excessive excitement and speculation could soon convert the trend into an explosion.
The space, on the other hand, couldn’t wait for the boom. It started transforming, in which the utility of NFTs is explored and expanded in order to be more approachable to newcomers while also giving a fresh taste to industry oldies.
Non-fungible tokens are no longer only collectibles. Companies are exploring and testing new features that will increase the utility of the digital asset.
Advocates of web 3.0 often consider NFT and other cryptocurrency initiatives as alternatives to help creators better monetize advertising platforms like Spotify, TikTok, YouTube, and Instagram, which control both distribution and payment of their works.
Spotify expressed its interest in the blockchain industry in March by posting job openings for new vacations focusing on Web3 development.
Spotify is the latest tech juggernaut to consider adding NFT into its streaming service in order to improve services, increase artist earnings, and stay ahead of the competition in the digital asset market.