Spotify is getting in on the hot NFT trend, and they’re rolling out a unique feature that requires owning an NFT to unlock exclusive new playlists. Some of the bands and organizations involved in the pilot test include Kingship, Fluf, Moonbirds, and Overlord.
For now, the NFT requirement is only available to Android users in certain countries, but that’s expected to change as Apple began allowing limited NFT use in October 2020. Maybe we’ll see some epic NFT mash-ups coming soon.
Further Plans From Spotify
According to the Spotify spokesperson, they “routinely” conduct tests to see which tweaks can lead to product improvements. They’re keeping quiet about any future plans for their NFT pilot, but we might see some developments in the upcoming Stream On event on March 8th. Who knows, it might just be the launching platform for some other mysterious NFT feature!
The company is already familiar with digital tokens, as they’ve tried NFT galleries on artist pages last spring. They were also looking to recruit people with relevant technical knowledge. With this initiative, Spotify could build relationships and potentially create a gateway for listening (and the purchasing of partners’ NFTs) by restricting the music chosen by tastemakers behind a paywall.
Is Now the Perfect Time for this Big Step?
The timing for this move is a bit off, as just recently businesses such as FTX and Coinbase, have faced fraud accusations or experienced a prolonged crypto market downturn.
Similarly, enthusiasm for NFTs has waned over the past year, as many of the assets have not been selling due to the market situation.
Additionally, the cost-cutting measures undertaken by Spotify, which notably included a move to lay off 6% of its staff, may have put further pressure on the company’s capacity to explore new opportunities, as the market appears to be on a grim path.