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Spotify Will Be Integrating NFTs and Web Wallets

A few months after the start of the integration of non-fungible tokens (NFT) on its platform, Spotify is taking another step into Web3. The music streaming giant has announced a partnership with several collections of NFTs to give holders access to special playlists.

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Spotify is experimenting with NFTs

This Wednesday, February 22, Overlord, building a tokenized ecosystem around entertainment, announced a partnership with Spotify. Their playlist, created by the community, is now available on the music streaming platform to all users holding a non-fungible token (NFT) from the Creepz collection.

The other participants in this pilot project are the communities of Fluf, Moonbirds and Kingship. For three months, holders of an NFT from one of these collections will therefore have access to a special playlist, including titles from Queen, Missy Eliott, Snoop Dogg and Led Zeppelin.

For now, French users are not concerned. Indeed, Spotify is experimenting with these features only for Android users in the US, UK, Germany, Australia, and New Zealand.

That said, it’s a first example of concrete application of the use of NFTs on the streaming platform. Indeed, in May 2022, Spotify remained very vague when announcing its desire to integrate NFTs. We therefore learn a little more about the form that the platform could take in the future.

Web3 and music

This announcement from the Swedish streaming giant will have had some effect on the cryptocurrency market. For example, Viberate’s native token (VIB) soared by 34 % in 24 hours, while the Audius AUDIO prints an increase of 3.5% over the same period.

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The initiatives combining the world of Web3 and the music industry are more and more numerous. The objective is to solve the problems inherent in this sector and to support artists in developing their activity in the best conditions.

Obtaining financing is a real problem and artists often have to accept unprofitable contracts with major production houses or labels. Thanks to NFTs and decentralized lending functionalities, platforms such as Opulous make it easier to raise funds to finance projects.

Until now, Spotify simply offered artists to create an NFT and display it in their profile. However, in the future, it is possible that the platform could allow the purchase of a token representing part of a musician’s royalties.

As for the relationship between artists and fans, many opportunities are also open. It would be possible to tokenize important moments: the presence at a concert, the sign that a fan has listened well to an artist in his first hours, etc.

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