Spotify launches “token-enabled playlist” for select NFT holders
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(Kitco News) – Popular music streaming platform Spotify has announced a new pilot test for blockchain-powered “token-enabled playlists” that will allow users who hold certain non-fungible tokens (NFTs) to access a list of curated music.
The new service was announced on Twitter by Overlord, a Web3 gaming ecosystem, which revealed its partnership with Spotify on Wednesday, saying, “We have been selected as one of Spotify’s patterns in a new pilot. Exclusive pilot of their token-enabled playlists. Launching with a proprietor-curated playlist.”
Holders of the lizard-themed Creepz NFTs, which are part of the Overlord ecosystem, can now access the token-enabled, community-curated playlist offered by Overlord by linking their Web3 wallet with the NFT with Spotify.
Following the announcement, the sales volume of Creepz increased by 239%, leading to a 27% increase in the floor price of each NFT to 2.25 Ether ($3,719) on the OpenSea and LooksRare NFT marketplaces.
Some of the other projects that have signed up for the pilot project include Fluf, Moonbirds and KINGSHIP. KINGSHIP, which emerged from the Bored Ape Yacht Club project and was created by Universal Music Group, is the only other project participating in the pilot to have confirmed their commitment so far.
We, KINGSHIP strive to ALWAYS be at the forefront of technology and music.
Now we’re taking this commitment a step further by launching a brand new token-enabled playlist with @Spotify!
This is a special curated playlist exclusively for KINGSHIP Key Card (NFT) holders. 🧵 pic.twitter.com/5ftjk8OgC6
— KINGSHIP (@therealkingship) 22 February 2023
The track list for KINGSHIP includes hits by Queen, Missy Eliott, Snoop Dogg and Led Zeppelin and requires users to have a Kingship Key Card NFT to access. All curated playlists will be actively updated during the three-month trial period and can only be accessed by community members via a unique link.
Currently, curated playlists are only available to Android users, and the pilot program has been limited to the US, UK, Germany, Australia and New Zealand.
Following the Overlord announcement, several Web3 music platform tokens – including Audius (AUDIO), Vibrate (VIB) and Rhythm (RHYTHM) – had a nice price rally as crypto investors looked to get ahead of the next potential market movement trend.
Audius got an additional boost in speed the Thursday after that announced that it had added support for the popular social media platform TikTok which will allow new users to create accounts by linking to their TikTok profile. The integration also enables users to share Audius songs in their TikTok videos.
This is not Spotify’s first foray into the world of blockchain, as the global streaming platform previously experimented with integrating NFTs into the service in May 2022 when it allowed a select group of artists to promote NFTs on their profiles.
With a roster of more than 489 million users from around the world, Spotify has the potential to introduce a whole new group of users to the blockchain ecosystem as the industry looks to increase adoption levels.
And the music market in general represents a fertile industry ripe for integration with blockchain technology, as smart contracts give musicians a new set of tools to connect with audiences, monetize their songs, and receive royalties for every purchase and resale of the material their. .
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