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Spotify next stop for NFTs 

Spotify next stop for NFTs 

The popular music streaming app is experimenting with Non-Fungible tokens and is also surveying their popularity among the app users.

The popular music streaming app is experimenting with NFTs The popular music streaming app is experimenting with NFTs

After Instagram, Reddit and Twitter, Spotify is next to join the NFT bandwagon. The platform has started providing in-app previews of NFT art on select artist pages.  

Moreover, the corporation is also surveying its users about NFT integration. Many Spotify customers recently reported on Twitter that when they opened the app, they were prompted to participate in a survey about NFTs on the app.  

It is important to note that survey topics are not always transformed into actual products and services. However, with more companies and organisations embracing NFT, it's no wonder that Spotify wants to hear from its customers. 

Earlier this month, Business Today had reported that Meta, the parent company of Instagram, was working on non-fungible token (NFT) interfaces with Ethereum, Polygon, Solana, and Flow blockchain networks. 

The company announced that under the pilot program, digital artwork of a limited number of NFT enthusiasts from the United States would be featured on the social media platform. Instagram also announced that they had plans to enable cryptocurrency wallets like MetaMask. 

 

Fuad Fatullaev, CEO and founder of WeWay told Business Today, "Non-Fungible Tokens are undoubtedly getting into the limelight with most major social media platforms trialing their adoption one way or the other. Spotify is the latest platform testing models for integrating digital collectibles on its platform, and as such, the reach of the new technology is now broadening the more."

He further said, "Spotify has some 422 million active users as of the first quarter of this year, and an adoption of NFTs will surely project the offshoot of blockchain to more users and hence drive more visibility which can stir increased adoption across the board."

Talking about other tech platforms that have integrated NFTs, Fatullaev said, "Besides Spotify, the embrace of NFTs by Twitter, Reddit, Inc., and the reported testing by Meta Platforms Inc’s Instagram is evidence that the mass market is largely warming up to digital collectibles across the board. While their integration is currently limited to profile photos, for now, innovators are exploring more use cases that will further help drive the adoption of these unique technologies.