Music streaming giant Spotify is testing a new feature on its artist profile pages that showcases collections of non-fungible tokens (NFTs) and allows artists to promote NFTs they own on their profile pages. For now only a handful of Android users in the US can experience the new feature and as far as we know the app displays an NFT gallery on some of the top artists involved in the NFT space , including DJ, record producer and music programmer Steve Aoki and English indie rock band The Wombats.
Artists can promote their third-party NFT offerings in the gallery, which is right after the song list on the artist page. The NFTs shown in the gallery can be expanded by tapping on them, which also brings up a ‘See more’ option which takes the user to the list of NFTs on the OpenSea NFT platform. It should be noted that Spotify does not currently take any commission on any sales that may result from the gallery feature.
In a statement to Music Ally, Spotify said: “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. We regularly run a number of tests in an effort to improve artist and fan experiences. Some of these tests end up paving the way for a larger experience and others are just for important learning.
The streaming giant is reportedly looking to expand itself into Web 3 offerings, according to reports earlier this year in February. Spotify is looking to hire a senior engineer to work with upcoming technologies like Web 3. The appointee will be part of Spotify’s experimental growth team. One of the main areas of interest for the successful candidate will be using Web 3 Components and charting the next big step for the music streaming giant.
“You will work to facilitate collaboration with products, ideas and design to discover the next growth opportunity by taking advantage of new technologies, such as Web 3,” read Spotify’s job posting at the time. LinkedIn.
As more and more companies try to catch the NFT wave, it looks like that initial push has been watered down for now. According to the Wall Street Journal, daily NFT sales fell 92% from 225,000 in September last year to just 19,000 as of May 3. The number of active NFT wallets is also down, from around 119,000 in November to 14,000 towards the end of April.
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