Spotify is testing a new NFT feature
Spotify is testing a new NFT feature. This new feature enables users to purchase non-fungible assets (NFTs) directly from artist accounts on the platform. Users can browse artwork created by different artists and choose the ones they want to buy. Spotify wants to get into the crypto game by allowing users to buy music using cryptocurrencies. This will make it easier for people who want to use cryptocurrencies to pay for songs. A survey was sent out by Spotify to users asking if they support the implementation of non-fungible tokens. Many people were upset because they felt that this was an attempt to implement NFTs into their platform without paying artists.
*To clarify, Spotify isn't profiteering from the sales of NFTs here; rather it’s providing an outlet for artists to market their own artworks using the streaming app as its platform.
There are currently no known negative effects from minting NFTs. However, some people feel uneasy about the use of blockchain technology in general. Some people feel that NFTs are linked to pyramid schemes or 'Rug Pulls' (a type of scam). Other people feel that NFT minting is environmentally unfriendly. We think this is a bit of a stretch. NFTs are becoming increasingly popular as people become more interested in owning physical objects. This is something that Spotify could potentially benefit from if they want to continue to grow its subscriber base.
However, Spotify isn't the only game in town. Instagram has also thrown its hat into the ring, letting its users promote NFTs through the app. Samsung has also supported the viewing and buying of NFTs through their newest smart TVs. Even though there were many people who bought these TVs they didn't use the NFT gallery feature.
Most people listen to music on Spotify passively, not actively looking for new songs or albums. This means the NFT implication might not be as popular as other types of popular NFT content. Still, we are always supportive and open-minded to the space.