Spotify Tries NFT On Its Platform For Musicians As The Market Is Cooling Down

JAKARTA - Spotify is making its debut allowing musicians to display non-fungible token (NFT) collections. Later, the digital collection will be displayed on the artist's profile page.

So, apart from displaying songs, playlists, merchandise and concert dates, they can also promote NFT on their website.

According to reports, the feature, which is still in the testing phase, is only available to a select group of users in the United States (US) using Android and includes Web3 fans like Steve Aoki.

"Spotify is running tests where it will help a small group of artists promote their existing third-party NFT offerings through their artist profiles," a Spotify spokesperson told Music Ally.

“We regularly conduct a number of tests in an effort to improve the artist and fan experience. Some of these tests ultimately pave the way for a broader experience and others serve only as important learning."

Cited from Engadget, if users have access to this trial feature, users can view the gallery by visiting one of the included artist pages and scrolling through the track list.

By tapping on the NFT, the user will see a larger version, in addition to a brief description. According to Music Ally, Spotify did not collect a sales commission that helped facilitate the testing.

This trial of Spotify's new feature comes after Instagram incorporates their own NFT feature even as the market is winding down.

Citing data from the Wall Street Journal, it looks to be found recently that daily NFT sales are down 92 percent from their peak in September last year. The number of active wallets also fell by about 88 percent towards the end of April.