Positively mainstream distributor of audio entertainment, Spotify, has dipped its toe into the nonfungible waters of Web3, flirting with the tech as it looks to add to the current range of fan engagement options on its platform.
Taking a rather tentative approach, Spotify has rolled out the initial trial to a select group of artists including Steve Aoki and The Wombats, while additionally granting access to a cross section of its Android-using customer base located within the USA.
For the time being, the artists involved can display and promote their NFT-powered merchandise via their user profiles. Fans can then peruse the items at their leisure, and follow a redirect on to the marketplace where they reside. As of writing however, Spotify’s NFT compatibility does not extend to audio or video files.
During this NFT dry run, Spotify will not sell or take profits from any of the NFTs concerned. Instead, promoting a narrative that this new tech will act as a fan engagement vehicle. Therefore, sitting alongside its traditional merchandise and ticketing services.
In tandem with this system test of the NFT compatibility, Spotify has also began surveying its Twitter followers with an aim to gauge how the wider audience feels about the technology. The results of which, will determine its next step into the nonfungible realm.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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