Spotify Could Take Music NFTs to the Next Level
Music NFTs could be close to getting a major spotlight!
Spotify + NFTs
If you don't live in a cave, you've probably heard of Spotify. It's one of the biggest, if not the biggest, music and podcast streaming apps. I personally use it every single day to listen to all kinds of music and have recently started getting into the podcast section. One thing I love about the app is that it's constantly changing with new features, designs, and more.
I discover new music literally every day by listening to their playlists based off what I listen to. Some good, some bad, but the point is that I'm getting to listen to things I never would have originally without it. It has recently been announced that Spotify is testing a feature that allows artists to list NFTs in their profile. When I read this, my eyes lit up.
While this is purely in testing phase and may not ever make it to production, it's something that could bring explosive interest to NFTs. With this feature, now I'm discovering new artists and gaining exposure to their NFTs. Hundreds of millions of people are going to have the opportunity to click on one of these and discover a whole new world of collectibles.
Per the article linked above, this is very basic and will only support static images in the beginning. I could easily see this evolving into allowing the artist to feature music videos for the songs in NFT format that users can purchase. Maybe even the ability to purchase the NFT of the song itself. These are just a couple things they could do with this integration.
I wrote a post over on the LBI account not too long ago about how music NFTs can change the music industry and I invite you to check it out. I took a deep dive approach to how tokenizing the songs of an individual album can benefit the artist and the consumer. This takes connecting the artist with the fan to the next level.
Artists being able to sell their music as NFTs direct to the consumer means that the artist receives the funds directly. Fans owning their NFTs allows the opportunity to do a lot of different things in terms of interacting with them. Maybe the artist wants to share a small percentage of their revenue split between the holders of the NFTs. Maybe holding one of the artist's NFTs grants discounts on tickets to concerts or even enters them for a chance to win free tickets.
Adding NFTs to Spotify in really any capacity would be a great thing for the crypto space and musicians alike. This would expose hundreds of millions of potential new users to NFT technology, thus introducing them to the magical world of cryptocurrency. This is just another great example of this brand-new technology grabbing the attention of major corporations and brands.
It's a largely untapped market for a lot of businesses. If they let artists list NFTs, they can potentially take a cut of the sale value of that asset. This could generate a massive amount of money for the company if done correctly. Or it could just be a huge flop. I have the feeling it could absolutely help take music NFTs to the next level if it happens.
What do you think?
Thanks for reading! Much love.
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I think the ecosystem is ready for Music NFT hype and it may be the next big thing in crypto. Spotify, Apple Music, Audio, SoundCloud and many others are going to receive nice return if they jump into it
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Yeah it really is time for the next step with this technology. We will see who the first big movers are.
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It's a win, I think there are so many other industry that are going to seek to consider using NFTs at some point, it's absolutely inevitable.
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Yeah there's still going to be a lot of push-back against it but it's going to be something that never goes away.
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Exactly, who knows what the Nft industry will be like in the future. So much promise of excitement wow
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Right now it's full of scams and shit.. But wait til the big boys get involved on a real level.
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Well you're right it's overrated. Probably because there's no intrinsic value just yet.
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For a long time now, streaming platforms have been having the bigger pie in artist music through subscribing and listening. This time around, listeners get appreciated while they listen and support the artist. Big win for everyone
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Yep, it's going to happen so we might as well embrace it.
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Allowing artists to monetise their own content sort of goes against Spotify's business model, doesn't it?
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Not if they get a cut.
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