If a trial launch is successful, musicians may soon be able to offer their non-fungible tokens (NFTs) on Spotify, according to Music Ally.
Spotify, the most recent technological major to jump on the NFT bandwagon, made its web3 debut on May 3 with the launch of “Spotify Island” on Roblox. Spotify will now test NFTs on the platform with a limited number of US-based consumers, beginning with a single pilot batch of music featuring Steve Aoki and The Wombats.
They will not, however, sell NFTs directly; instead, customers will be referred to an external marketplace to make their purchases. Spotify has said that it will not take a cut of the sales as part of the test.
Customers have also claimed that Spotify sends out surveys and even compensates people for chats with team members regarding user feelings about NFTs and web3. Questions on Twitter have included concerns regarding sentiment, crypto-related purchases, and the reasons why people acquired NFTs. Some folks were dismissive of the inquiries.
Rumors have circulated that Spotify is interested in joining web3 since March, when the company posted two job adverts for early-stage web3 initiatives. The latest step comes only days after Meta announced that it would begin testing digital collectibles and NFTs on Instagram as well. Prior to publishing, Spotify did not respond to The Block’s request for comment.