Spotify's music streaming platform expands its efforts in Web3 by testing playlists that can be enabled by tokens in some major markets.
Overlord, Web3 gaming ecosystem, reported on February 22 of its partnership with Spotify. Community curation playlists that can be activated by tokens from Overlord can now be accessed through Web3 wallets for those holding non-fungible▁hitamopz (NFT) tokens on Spotify. Currently, only Android users from the United States, Britain, Germany, Australia, and New Zealand can open the playlist.
Other participants in this three-month trial were the metaverse Fluf, Moonbirds, and Kingship communities. Although Fluf and Moonbirds did not share details about their partnership with the streaming service publicly, Kingship confirmed its participation in trials on Twitter.
To open the list of songs, including hits from Queen, pally Eliott,▁blok Dogg, and Led Zeppelin, users must have an NFT Kingship Key Card.
This announcement triggered an increase in Web3 music tokens. For example, VIB, an original Viberate token, is up 33%. Other tokens, such as AUDIO from Audius and RHYTHM from Rhythm, also rose by 4% and 2.5%, respectively.
Back in May 2022, Spotify started testing the NFT gallery on musicians' profiles. Even without direct purchase options, users can view the artist's NFT preview and are directed to the OpenSea page where they can buy the item.
Reported by Cointelegraph, the music market remains one of the growing crypto adoption areas. In late January, the podcasting value-for-value platform Fountain announced its partnership with ZEBEDEE to allow Bitcoin micro payments for podcast listeners.
In February, royalties from 2015's Rhianna hit song, "Bitch Better Have My Money," were offered as part of a collection of 300 NFTs.
However, Spotify's involvement in the crypto world is not the first in social media applications. There are several social media applications that use NFT tokens, including:
TikTok - This short video platform has held an NFT creator program, where users can generate NFTs from their videos and sell them on the NFT marketplace.
Instagram - Instagram has introduced an NFT feature on its platform, which allows users to sell their digital artwork as NFT through integration with the Nifty Gateway platform.
Twitter - Twitter has announced that it will introduce the NFT feature on its platform, where users can send and receive NFT as a reward or as a reward.
The forum platform has launched an NFT beta program that allows users to sell their digital artwork as NFT.
Discord - This online chat and communication app has announced that it will launch an NFT feature, which allows users to sell virtual goods as NFT.
However, it is important to remember that the use of NFT on social media applications is still in the development stage and has not been fully implemented on all platforms.
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