Spotify's non-fungible token (NFT) feature allows its artists, such as Steve Aoki, to flaunt their collections straight on the music streaming service. The experimental function has already started rolling out to a few listeners on the platform.
Daniel Ek, CEO of Swedish music streaming service Spotify, gestures as he makes a speech at a press conference in Tokyo on September 29, 2016. Spotify kicked off its services in Japan on September 29.
It appears that the Swedish streaming service is one of the latest mainstream platforms to enter the world of NFTs.
In fact, as per a news story by The Drum, the NFT wave has caught the attention of giant firms like Coca-Cola, Nike, and Taco Bell, to name a few in the ever-growing lists of bandwagoners.
On top of that, other tech services have also joined the NFT craze, including Twitter and Instagram.
Spotify's NFT Feature
And there's no stopping Spotify, which rivals Apple Music and Amazon Music, from catching up.
This time around, some Android users in the United States are already seeing the all-new NFT function that Spotify is working on, according to a recent report by The Verge,
The Spotify NFT feature first saw its shimmer in the spotlight in the profiles of two artists on the streaming platform, namely The Wombats and Steve Aoki.
The spokesperson of Spotify said in an interview with CNET that the streaming service "is running a test in which it will help a small group of artists promotes their existing third-party NFT offerings via their artist profiles."
Spotify further disclosed that its first rodeo in NFTs is a response to the heed of its industry partners. But the Swedish app also claims that the new NFT feature is supposed to help deepen the connection between artists and their listeners.
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Spotify NFT for Artist: How it Works
It is worth noting that the NFT feature of Spotify is still in its testing phase. Thus only select artists are allowed to flaunt their collections on their profiles, and the new function only makes it to a few users.
This illustration picture taken on April 19, 2018 shows the logo of online streaming music service Spotify displayed on a tablet screen in Paris.
Once in full-blown, the new funciton basically allows its wide range of artists to display the NFTs they want to boast on their official Spotify page. So, instead of seeing all music-focused stuff, listeners of the platform could start feasting their eyes on a couple of lucrative digital art as well.
But for now, Spotify has hand-picked which artists could start showing off their NFTs, including the American DJ Steve Aoki and the indie rock band The Wombats.
Essentially, the new feature of Spotify is only allowing its artists to display their collections on their profiles through third-party platforms. There's no marketplace capabilites like buying and selling included.
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