Leading streaming platform Spotify has sought to boost the experience of artists and their fans by introducing NFT galleries. The Swedish audio streamer is reportedly carrying out trials with the profile of musicians and testing NFTs.
This test was an initiative for selected users of Android devices in the US as the artists participating in the experiment are Steve Aoki and The Wombats, who have earlier experience participating in NFTs.
Spotify’s representatives have specified that they are running a series of experiments to create a better experience for both listeners and musicians on the platform.
Spotify has revealed that while some test results are for the purpose of learning, others are open to a more inclusive experience.
A spokesperson revealed that Spotify is in the process of conducting a test whereby it would help a limited number of artists to promote existing 3rd-party offerings of NFT through their artistic profiles.
Spotify Has Clarified That It Is Not Planning To Sell NFTs
Spotify has cleared that it will not be selling NFTs and the platform would only be an arbitrator between artists and consumers. The whole purpose is advertising, says a report.
Along with that, Spotify said that the test results will help the platform decide if it should go in for similar features for other artists and do something more innovative in the future with these tokens.
Additionally, several platform users have also come forward with their experiences on the survey on their phones this Tuesday. This experiment was piloted to delve into their view of the application of NFTs.
In 2021, the co-founder of Linkin Park, American singer, Mike Shinoda, came up with a single as an NFT and became among the first among performers. By mining just two pieces of non-fungible tokens from the collection of eleven pieces, Steve Aoki raked in around $3M.
Figures released in the first week of May have revealed a significant crash in the sale of NFTs, down to 19,000 from a high of 225,000.