Spotify is testing a new service – “token-enabled playlists” – with one of its partners to enable non-fungible token (NFT) holders to connect their wallets and access curated music. It is currently in the pilot phase.
The new service was designed in partnership with the Web3 gaming ecosystem, Overlord, and involves a token-enabled community-curated playlist that can be accessed via Web3 wallets of those who hold the Creepz NFTS on Spotify.
- According to the official announcement, the service will be available to only Android users from the United States, United Kingdom, Germany, Australia, and New Zealand.
- Apart from Overlord, the product is available to token holders within the Fluf, Moonbirds, and Kingship communities.
- Universal Music Group’s NFT band Kingship revealed creating a token-gated playlist for NFT holders that will feature Queen, Missy Eliott, Snoop Dogg, and Led Zeppelin. Its tweet read,
“We’re all about unlocking real value for our community and pushing the boundaries of music and blockchain, and having our holders be at the forefront of this space”
- The testing period consists of three months, during which the curated playlists will be actively updated and can only be accessed by community members with the help of a unique link.
- Spotify ended 2022 with better-than-expected user growth despite widening quarterly losses.
- The earnings report showed that it increased 18% YoY in the fourth quarter raking in 489 million monthly active users.
- This is not Spotify’s first tryst with the NFT sector. In fact, the platform earlier ran a test to help a small group of artists, such as Steve Aoki and The Wombats, promote their existing third-party NFT offerings via their artist profiles.