Spotify Runs Pilot for Token-Enabled Playlists with NFT Companions

Spotify is testing a brand new service – “token-enabled playlists” – with one among its companions to allow non-fungible token (NFT) holders to attach their wallets and entry curated music. It’s presently within the pilot section.

The brand new service was designed in partnership with the Web3 gaming ecosystem, Overlord, and includes a token-enabled community-curated playlist that may be accessed through Web3 wallets of those that maintain the Creepz NFTS on Spotify.

• In keeping with the official announcement, the service can be accessible to solely Android customers from the US, United Kingdom, Germany, Australia, and New Zealand.
• Other than Overlord, the product is offered to token holders inside the Fluf, Moonbirds, and Kingship communities.
• Common Music Group’s NFT band Kingship revealed making a token-gated playlist for NFT holders that can function Queen, Missy Eliott, Snoop Dogg, and Led Zeppelin. Its tweet learn,

“We’re all about unlocking actual worth for our neighborhood and pushing the boundaries of music and blockchain, and having our holders be on the forefront of this area”

• The testing interval consists of three months, throughout which the curated playlists can be actively up to date and may solely be accessed by neighborhood members with the assistance of a singular hyperlink.
• Spotify ended 2022 with better-than-expected person progress regardless of widening quarterly losses.
• The earnings report confirmed that it elevated 18% YoY within the fourth quarter raking in 489 million month-to-month lively customers.
• This isn’t Spotify’s first tryst with the NFT sector. In reality, the platform earlier ran a take a look at to assist a small group of artists, comparable to Steve Aoki and The Wombats, promote their current third-party NFT choices through their artist profiles.