Spotify is one of the most widely used music streaming services online. The mobile application is known around the world among its users for working with the biggest record labels.
The news about the NFT display on the platform is making international headlines. However, it is worth noting that at present, only a select user base can view this new feature.
A new article published by Music Ally suggests that artists who are planning on introducing their artwork in the form of NFT on the platform.
These artists can present their NFT collections to the consumers of the music streaming service within the United States only.
It is worth noting that the artists will be able to make their NFT collections live for audiences around the world, provided that the trial period is completed with success.
Spotify Shows Interest in Web3
Countless organizations around the world are working on finding new use cases with blockchain technology. The disruptive technology is still in the development stage and is often compared with the internet.
Many experts today opine that the technology will keep experimenting with different options until it can most stable and useful mode of utility.
Spotify started its Web3 journey at the start of the ongoing month by adding support for Spotify Island on Roblox. The project called for the presence of a group of artists that included names like Steven Aoki and also The Wombats.
At present, Spotify is testing the NFT material on the network and, for now, has decided not to take any commission on the sales of the NFTs on its platform.
NFT buyers who wish to make purchases from Spotify can do so without having to deal with the added hassle of inflation or commission.
However, these buyers do need to take the extra time and make their purchases from a third part NFT marketplace. At present, the NFTs displays are available as a form of an advertisement on the network more than as a product.
On the other hand, the company has continued to send surveys to collect data from the consumers about their user experiences and feedback.
The same questions are also making rounds on social media platforms like Twitter concerning the topic of cryptocurrencies. There have been rumors about Spotify investing in virtual real estate and other web3 projects.
Thus far, Spotify management has not yet issued any official remarks to confirm or deny such speculations.