Music platform Spotify has launched an NFT music pilot that allows users to unlock exclusive playlists through non-fungible tokens.
The NFT music pilot is launching alongside several Web3 projects, including the first-ever virtual NFT band Kingship, created by Universal Music, the decentralized gaming ecosystem Overlord, and the digital community for crypto collectibles Moonbirds, among others.
Through this pilot, the popular music platform Spotify not only wants to allow its users to listen to music tracks and songs via streaming, but also wants to drive the transformation of the music industry through blockchain technology and Web3, to evolve its business model and guarantee the future of music as society enters a new era marked by the digital.
The virtual band Kingship confirmed its participation in the NFT music pilot launched by Spotify, indicating that with this launch the music company seeks unlocking the true potential and real value of music for the community.
Spotify wants to “push the boundaries of music and blockchain and have our owners at the forefront of this space,” Kingship said.
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NFTs unlock exclusive access to Spotify music
Gaining access to exclusive content, products and services is one of the main promises that brands and companies have been making to their communities through the ownership of NFT tokens.
Thanks to their characteristics, NFTs have become a marketing tool for major brands in the music industry, seeking to get even closer to their communities and attract new generations of consumers and fans. In the case of Spotify, the platform is taking advantage of the potential of these digital assets and the blockchain to give its users access to premium services, such as exclusive playlists accessible from Web3 wallets.
Together with Kingship, Spotify created a closed playlist only accessible to holders of the NFT “KINGSHIP Key Card”. Also, only the Creepz NFT holders will be able to access the Overlord playlist.
It should be noted that, for the moment, Spotify's NFT music pilot is only available to users of the platform in the United States, United Kingdom, Germany, Australia and New Zealand, through the Android operating system.
A shift towards Web3
This is not the first time Spotify has experimented with Web3. In fact, last year, the music company began exploring NFT tokens by integrating these digital assets into the profile of its creators. The feature allows users of the platform, for example, to showcase their digital art.
On the other hand, the company has also been experimenting in the metaverse to offer new products and services.
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