According to a report that was initially published by Music Ally, Spotify is now developing an option for artists to exhibit their non-fungible token (NFT) collections. The music streaming platform has begun rolling out the test for some customers on Android in the United States.
At this time, the test version includes NFT previews for artists like Steve Aoki and The Wombats. According to the report, other users have reported seeing a survey form that pops up on the Spotify app and invites participants to give their opinions about NFTs.
Additionally, Spotify will provide you with the option to “See More,” which will take you to the NFT’s website on OpenSea, where you can make a purchase of the music. It is important to keep in mind, however, that Spotify does not appear to accept NFTs that are movies or GIFs.
Instead of displaying the complete video in the app, Spotify just displays a still image of the NFT. In addition, it does not have any audio, which is really odd for a site that allows users to stream music. Only by clicking through to the NFT’s website on OpenSea will you be able to listen to it, as well as determine whether or not it is a video or a GIF.
More corporations, like Instagram, are seeking to catch the NFT wave, but the initial rush may be waning. Daily NFT sales have dropped 92% from 225,000 in September to 19,000 as of May 3rd, according to The Wall Street Journal. The number of active NFT wallets has fallen from 119,000 in November to 14,000 by the end of April.
According to a Spotify spokesperson, in a statement to Music Ally, said,
Spotify is running a test in which it will help a small group of artists promote their existing third-party NFT offerings via their artist profiles.
We routinely conduct a number of tests in an effort to improve artist and fan experiences. Some of those tests end up paving the way for a broader experience and others serve only as an important learning.