Feb 23, 2023
Spotify Tests Token-Enabled Playlists with Web3 Communities
Spotify, the popular music streaming platform, has recently made a move to expand its Web3 capabilities by testing out token-enabled playlists in several key markets. The pilot program is a collaboration between Spotify and Overlord, a Web3 gaming ecosystem. The token-enabled community-curated playlist from Overlord can be accessed via Web3 wallets of those who hold the Creepz nonfungible tokens (NFTs) on Spotify. At the moment, only Android users from the United States, United Kingdom, Germany, Australia and New Zealand can unlock the playlists.
The pilot program also includes Fluf, Moonbirds and Kingship metaverse communities. While Fluf and Moonbirds have yet to share any details on their partnership with the streaming service, Kingship has confirmed their participation in a pilot on Twitter. To unlock the tracklist, which features hits from Queen, Missy Eliott, Snoop Dogg and Led Zeppelin, users must possess a Kingship Key Card NFT.
The announcement of the pilot program has caused a surge in Web3 music tokens. For example, VIB, Viberate’s native token, saw a 33% increase in value. Other tokens, such as Audius’ AUDIO and Rhythm’s RHYTHM, also rose 4% and 2.5%, respectively.
This is not the first time that Spotify has explored the world of NFTs. Last May, the streaming platform began testing NFT galleries on musicians’ profiles. While the galleries do not offer a direct purchase option, they let users preview the artists’ NFTs and be redirected to the OpenSea page where they can purchase the items.
The music industry is becoming an increasingly popular space for crypto adoption. Just last month, value-for-value podcasting platform Fountain announced a partnership with ZEBEDEE to enable Bitcoin micropayments for podcast listeners. Also in February, royalty rights from Rhianna’s hit 2015 song, “Bitch Better Have My Money,” were offered as part of a collection of 300 NFTs.
As Spotify continues to explore the possibilities of NFTs and Web3, many are wondering what other opportunities may arise from this new partnership. With the potential to revolutionize the way music is consumed and monetized, NFTs have become a powerful tool for music promotion and marketing. As such, many music artists and labels are turning to NFT marketing agencies to help them create and sell NFTs, as well as promote them on Twitter and other social media platforms. With the help of these agencies, artists and labels can increase their reach and visibility, and ultimately, their profits.
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