Spotify to include NFTs into its playlists
Spotify, a prominent music brand, has been experimenting with non-fungible tokens (NFTs) and is now set to introduce NFT-protected music playlists on its platform. This new service will allow users to access specific playlists using unique NFTs. The implementation of this new feature is a collaboration between Spotify and Overload, a Web3 gaming and media company that has already established several playlists on the Spotify platform.
Token-gated playlists are a curated selection of songs that are exclusively accessible to users who possess the specific NFTs associated with the playlist. In addition to the Overload community, fans of Fluf, Moonbirds, and Kingship will also have access to the same services on Spotify. Overload has confirmed that selected playlists will be updated during the three-month testing period initiated by the company.
Spotify states that this NFT integration is not its first and it is committed to providing its users with the best possible experience. Spotify is constantly testing various ideas, some of which will pave the way for broader user experiences while others will serve as important learning opportunities. However, iPhone users are currently restricted from accessing this new service due to Apple’s release of new NFT rules in October 2022, which has not been compatible with Web3 NFTs. Nevertheless, Android users on the Spotify Premium plan can enjoy this new feature.
Spotify and Web3
Spotify stated in 2022 that it was hiring a senior manager of Innovation and Market Intelligence in web3 technologies, as well as a senior back-end engineer, to assist investigate potential in the crypto realm related to music. Sony, Warner Music Group, Netflix, and Universal Pictures are among the companies that have investigated Web3.
Music NFTs, which are one-of-a-kind non-fungible tokens meant to hold music files, are a new trend in the entertainment business. It gives musicians full control of their musical assets without the need for a centralized regulatory organization.
