Spotify has announced a new pilot program that allows non-fungible token (NFT) holders to access exclusive music playlists, a significant move that shows the growing interest of the streaming giant in Web3 technology.
Details on Spotify’s pilot program
Spotify is testing a new service called “token-enabled playlists” that enables NFT holders to connect their wallets and listen to curated music. The service is currently only available to holders of NFTs within the Fluf, Moonbirds, Kingship, and Overlord communities. During the three-month testing period, the playlists will be actively updated and can only be accessed by community members via a unique link.
Overlord, a web3 gaming and entertainment brand, announced on Twitter that its Creepz NFT holders could connect their Web3 wallet to Spotify to access a community-curated “Invasion” playlist. Kingship, a metaverse band signed to Universal Music Group, also released a playlist that can only be accessed by Kingship key card NFT holders.
How it works
To access the token-gated playlist, users must link their crypto wallets, such as MetaMask, Trust Wallet, Rainbow, Ledger Live, or Zerion, to authenticate their NFT and unlock the playlist.
However, for now, the feature is only available to Android users in the U.S., the U.K., Germany, Australia, and New Zealand, and only for Spotify Premium users.
Spotify has confirmed the pilot program but did not disclose any details on plans to roll out the feature more widely in the future. A spokesperson for the company stated that they routinely conduct tests to improve the user experience, and some of those tests may serve only as learnings.
What it means for the industry
The use of NFTs in unlocking exclusive experiences is a growing trend in the music industry, and this move by Spotify could provide a significant revenue stream for NFT projects, artists, and labels.
The move also offers a new way for artists and creators to monetize their work, potentially disrupting the current music streaming model.
Spotify has previously experimented with integrating NFTs into its platform by allowing artists like Steve Aoki and The Wombats to promote their digital art on their profiles.
Regardless, this pilot program is a more significant move, indicating that the company has the tech ready to offer more token-gated content.
The announcement comes just before Spotify’s Stream On event on March 8, where the company is expected to unveil new products and features. It will be interesting to see if the company announces any further plans for NFTs or Web3 technology at the event.