Spotify, the music streaming giant, is experimenting with a novel service dubbed "token-enabled playlists." This service enables non-fungible token (NFT) owners to connect their crypto wallets and listen to carefully curated music. The curated playlists will undergo frequent updates during the testing period of three months, and currently, only members of certain Web3 communities can access them via a unique link.
In essence, this new feature empowers community members of the aforementioned groups to connect their crypto wallets containing Ethereum NFTs and gain exclusive access to Spotify's curated playlist.
Token-enabled music playlists
On February 22nd, Overlord, a gaming ecosystem on the Web3 network, revealed its partnership with Spotify. With this collaboration, those who hold Creepz non-fungible tokens (NFTs) on Spotify can now access the token-enabled, community-curated playlist from Overlord. However, only Android users from the United States, United Kingdom, Germany, Australia, and New Zealand can unlock these playlists.
Apart from Overlord, Fluf, Moonbirds, and Kingship metaverse communities are also participating in this three-month pilot project. While Fluf and Moonbirds did not make any public statements about their partnership with the music streaming service, Kingship confirmed its participation on Twitter. Specifically, through a Kingship Key Card NFT, users will be able to access Kingship's exclusive token-gated playlist featuring Queen, Missy Elliott, Snoop Dogg, and Led Zeppelin.
The announcement of this partnership has resulted in a surge of Web3 music tokens. For instance, Viberate's (VIB) native token rose by 33%. Likewise, Audius (AUDIO) and Rhythm (RHYTHM) tokens have also gone up by 4% and 2.5%, respectively.
A bold step towards Web3 adoption
As a global streaming platform with over 489 million users, Spotify has already experimented with integrating NFTs into its service. In May 2022, the company allowed a select group of artists, such as Steve Aoki and The Wombats, to promote NFTs on their profiles.
At the same time, various Web3 music platforms have emerged, aiming to decentralise the music listening experience. One example is Audius, a crypto-linked streaming service that enables users to earn AUDIO token rewards for using its app. Other platforms, such as Royal and anotherblock, enable creators to sell music royalties as fractionalised NFTs.
The music industry is becoming one of the most active areas for crypto adoption. In late January, value-for-value podcasting platform Fountain partnered with Zebedee to allow Bitcoin micropayments for podcast listeners. In February, a collection of 300 NFTs included the royalty rights for Rihanna's hit song "Bitch Better Have My Money."
The future of music
Spotify's foray into token-enabled playlists is a clear indication of the music industry's increasing fascination with Web3 and cryptocurrency. This move demonstrates the potential of NFTs in the music industry, extending beyond album covers and merchandise.
As more music-related Web3 platforms enter the scene, it's evident that the intersection of music and cryptocurrency is a dynamic and thrilling space to follow in the years to come. With Spotify's latest pilot project paving the way, it's exciting to see how music and NFTs will continue to intersect and transform the industry. The future of music, it seems, is boundless with the integration of blockchain technology and Web3.
**All information in this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by CryptoSpend to invest, buy, or sell any coins, tokens, or other crypto assets. Any descriptions of CryptoSpend products or features are merely for illustrative purposes. Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. It is essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.