Spotify is experimenting with “token-enabled playlists,” which means that users who have non-fungible tokens (NFTs) can connect their wallets and listen to collections of music curated by entities such as Overlord (a company that develops blockchain-based games) and KINGSHIP (a band signed to Universal Music Group’s Bored Ape label). Android users in the United States, United Kingdom, Germany, Australia, and New Zealand can test out the new function now that it has been released.
We, KINGSHIP strive to ALWAYS be at the forefront of technology and music.
— KINGSHIP (@therealkingship) February 22, 2023
Now, we're taking this commitment a step further by launching a brand new token-enabled playlist with @Spotify!
This is a special curated playlist exclusively for KINGSHIP Key Card (NFT) holders. 🧵 pic.twitter.com/5ftjk8OgC6
At Spotify, we routinely conduct a number of tests in an effort to improve our user experience, some of those end up paving the path for our broader user experience and others serve only as important leanings. We have no further news to share on future plans at this time.
Spokesperson for the streaming platform said in a statement
On February 22nd, Overlord, a Web3 game-play environment, made the announcement that it would be partnering with Spotify. People who have Creepz non-fungible tokens (NFTs) on Spotify can now access the token-enabled community-curated collection from Overlord by using their Web3 accounts.
Overlord x @Spotify 🎶
— Overlord (@Overlord_xyz) February 22, 2023
We’ve been selected as one of Spotify’s partners in a new pilot.
🦎 Exclusive pilot of their token-enabled playlists
🎧 Launching with a holder-curated playlist
Details below ⤵️ pic.twitter.com/MDTjPRCXS5
The announcement caused a significant increase in the number of Web3 audio tokens. For instance, the value of Viberate’s (VIB) native cryptocurrency increased by 33 percent. The value of other assets, like Audius (AUDIO) and Rhythm (RHYTHM), increased by 4% and 2.5%, respectively. In May 2022, Spotify started conducting experiments with NFT showcases on the accounts of performers. The users were able to glimpse the artists’ NFTs and then be transferred to the OpenSea website where they could purchase the NFTs.
This trial suggests that Spotify may already have the necessary technology to offer additional material, which may include tracks, albums, or programs that require a password to access. At the forthcoming gathering, the business will hopefully elaborate on this topic even further.
