Spotify is testing a new service with one of its partners “token-enabled playlists” that will enable non-fungible token (NFT) holders to connect their wallets and access curated music. It is currently in a pilot phase.
The new service, designed in partnership with Web3 gaming ecosystem Overlord, involves a token-backed community-curated playlist that can be accessed through the Web3 wallets of those who hold Creepz NFTS on Spotify.
According to the official announcement, the service will only be available to Android users in the US, UK, Germany, Australia, and New Zealand. In addition to Overlord, the product will also be available to token holders within the Fluf, Moonbirds, and Kingship communities.
Universal Music Group’s NFT band Kingship has revealed they’ve created a token-gated playlist for NFT holders that will include Queen, Missy Elliott, Snoopy Snoop Dogg and Led Zeppelin. It tweeted,
"We are committed to unlocking real value for our community, pushing the boundaries of music and blockchain, and putting our holders at the forefront of this space"
The beta period will be three months, during which time curated playlists will be actively updated and only accessible by community members via a unique link.
Despite widening quarterly losses, Spotify ends 2022 with better-than-expected subscriber growth. It reported 18% year-over-year growth in the fourth quarter, reaching 489 million monthly active users.
This isn't Spotify's first foray into the NFT space. In fact, the platform earlier conducted a test to help a small group of artists, such as Steve Aoki and The Wombats, promote their existing third-party NFT products through their artist profiles.
