Quick take:
- Spotify is testing token-enabled playlists in selected markets.
- The leading music streaming platform is looking to integrate web3 wallets.
- The pilot allows fans to access token-enabled playlists from Overlord, Fluf, Mooonbirds and Kingship.
Spotify is testing a feature for token-enabled playlists. One of the communities featured in the test period, KINGSHIP confirmed via Twitter on Wednesday posting:
“We, KINGSHIP strive to ALWAYS be at the forefront of technology and music. Now, we’re taking this commitment a step further by launching a brand new token-enabled playlist with @Spotify! This is a [specially-curated] playlist exclusively for KINGSHIP Key Card (NFT) holders.”
According to the Twitter thread, all that fans need is “a KINGSHIP Key Card NFT to unlock this playlist on Spotify.”
Other participants in the pilot include Overlord, the web3 gaming ecosystem which announced its partnership with Spotify on February 22, Fluf, Moonbirds.
According to Overlord, fans can access the token-enabled Overlord playlists with Creepz NFTs.
Currently, the pilot is only offered via Android to Spotify users in leading markets including the United States, United Kingdom, Germany, Australia and New Zealand.
Spotify first signalled its entry into web3 last year after it emerged it was searching for Web3 talent to add NFTs to its streaming service. The company launched a virtual hub on the metaverse gaming platform Roblox in May.
The company also started testing NFT galleries on artist profiles in the same month. Although the feature did not allow fans to make direct purchases on the platform, it redirected them to the artist’s OpenSea page, where the collections are listed.
Spotify’s foray into web3 has created an alternate revenue stream for artists as they look to build deeper relationships with their fans like giving them part ownership of a music track via NFTs.
Recently, 300 NFTs based on Rihanna’s hit 2014 song “B*tch Better Have My Money” sold out in minutes. The NFTs gave their holders percentage ownership to streaming rights on digital service providers (DSPs) like Spotify.
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