Music streaming platform Spotify is expanding its Web3 efforts by testing tokenized playlists in several key markets.
Collaboration with Overlord
On February 22, the Web3 gaming ecosystem Overlord announced its partnership with Spotify. Users who own Creepz nonfungible tokens (NFTs) on Spotify can now access Overlord’s community curated playlist of tokens through their Web3 wallets. At this time, access to the playlists is restricted to Android users in the United States, United Kingdom, Germany, Australia, and New Zealand.
Fluf, Moonbirds and Kingship are also involved in the 3 month pilot. Fluf and Moonbirds have not revealed details about their partnership with the streaming service, but Kingship confirmed via Twitter that it is participating in the pilot. To access the tracklist with hits from Queen, Missy Eliott, Snoop Dogg and Led Zeppelin, users must be in possession of a Kingship Key Card NFT.
The announcement, in turn, led to a surge in Web3 music tokens. For example, Viberate’s native token, VIB, rose 33%. Other tokens, such as AUDIO from Audius and RHYTHM from Rhythm, also rose 4% and 2.5% respectively.
Testing NFT galleries
As of May 2022, Spotify started testing NFT galleries on musicians’ profiles. While there is no direct purchase option, users can preview the artists’ NFTs and be redirected to the OpenSea page where they can then purchase the items.
The music market continues to be a thriving area of crypto adoption. At the end of January, value-for-value podcasting platform Fountain announced a partnership with ZEBEDEE to enable Bitcoin micropayments for podcast listeners. Finally, in February, the royalty rights to Rhianna’s 2015 hit song “Bitch Better Have My Money” were offered as part of a collection of 300 NFTs.
