Spotify Nft Showcase Feature Buy Buy Non-Fungible Token Artist Profile

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New Delhi: Spotify, the popular audio streamer, seems to have jumped on the NFT bandwagon. NFTs, or non-fungible tokens, are unique blockchain-based digital units. They can be based on anything from songs to artwork – as long as they’re unique. If you own an NFT, rest assured that no one else in the world will be able to own the exact same NFT unless you decide to sell it. Due to this unique factor, NFTs have attracted the interest of buyers around the world, sometimes fetching millions at auction. From Adidas and Nike to Coca-Cola and McDonald’s, dozens of popular brands have already dabbled in NFTs, and now Spotify is reportedly looking to do the same.

Spotify’s NFT feature: how does it work?

According to a report from Music Ally, Spotify is currently testing a new feature that will allow artists on the platform to showcase their NFTs through their profile pages. A company spokesperson confirmed to the publication, “Spotify is running a trial in which it will help a small group of artists promote their existing third-party NFT offerings through their artist profiles.” It’s worth noting that Spotify hasn’t confirmed when the feature will officially start rolling out, if at all.

For now, Spotify is reportedly testing NFT functionality on its Android app for a number of users. After previewing an NFT on an artist’s profile, users can go ahead and purchase it if they wish through third-party platforms.

Spotify NFT Feature: Will the streamer make money with NFTs?

So far, it doesn’t look like Spotify itself is making any money from its NFT storefront feature, as users will be redirected to third-party platforms to buy any NFT they like.

“We run a number of tests on a regular basis with the goal of improving the experience for artists and fans. Some of these tests end up paving the way for a larger experience and some just serve as important learning” , said the Spotify spokesperson.

According to the Music Ally report, Spotify is also conducting an online survey where it asks if users would like to purchase NFTs from the audio platform, in order to support an artist of their choice.

For now, it’s hard to predict whether Spotify will actually jump into NFTs and eventually start selling NFTs, or if this is just a one-time test.

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