Spotify experiments with promoting Artists’ NFT Galleries.

The Music Streaming Platform is currently underway in testing a way that allows select Artists the opportunity to promote their NFTs on their Spotify Profile. Presently, this option is only available for a small group of Artists including ‘The Wombats’ and ‘Steve Aoki’, and is only active in the United States to only select few Android Using Testers.

The Actual Test

Helming the charge to improve the Artist, as well as the Customer Experience, Spotify has claimed that this test is an exercise in enabling various Artists to deepen their connection with their Fans both on as well off its Platform. For the actual Users who are partaking in the test, they will be able to properly preview a select amount of NFTs from their specific Artist’s Profile Page on Reddit. Adding on to this, the User can then go ahead and learn more about an NFT and should it be intriguing, the User can done choose to purchase that NFT through an External Marketplace. Spotify has confirmed that they will not be applying any fees for themselves as part of this test, thus confirming that the NFTs on Spotify will not be sold directly by the Music Streaming Company itself. On top of this endeavor, in order to gather a much more calculated data related to the Consumers’ response to NFTs, Spotify has been conducting numerous Survey and offering people compensation for providing their feedback through chats with Spotify Team Members regarding their average consumer’s attitude towards NFTs, why they choose to buy them and what trajectory do they think will NFTs take in the future.

The Tech Giants and the NFT Market

With the surge in popularity of the NFT Market, Spotify is not the only Tech Giant that is looking to incorporate NFTs into its Platform. The most notable Company known for its open adoption of NFTs is none other than Instagram, as it announced recently that it too will start to begin testing NFTs with a select number of Content Creators primarily in the United States. Along with Instagram, Facebook is also reportedly making moves into adding support for NFTs in the foreseeable future. All this may indicate that the NFT Market is booming, however recent reports have showed that the NFT Market may be beginning to wane as their sales have dipped by a staggering 92% as of May 3^rd 2022.

Enhancing Artists’ Profiles

With the inclusion of NFTs on its platform, Spotify has made it clear that it aims to create a satisfying experience for their Artists, and it turn their Fans, through the implementation of various new capabilities on top of their Music Streaming Service. In light of this, Spotify also partnered with Shopify late last year in October, in an effort to allow its Artists to connect their Spotify Profiles with their Shopify Stores, hence enabling them to Market their Official Merchandise to their plethora of Fans on the Spotify App. In addition to this, Spotify also partnered with the popular Virtual Reality Platform ‘Roblox’, to create ‘Spotify Island’. A virtual hub for both Artists and their Fans to communicate and play various games together. This was another continuous effort made by the Music Streaming Company to connect the Fans with the Artists, which along with the introduction of NFTs, clearly showcases Spotify’s attempts at modifying their Service in order attract a wider array of Artists and, in turn their Fans, a testament to their investment on making their platform flexible with regards to the current popular trends in the market.