Music streaming platform Spotify expands its Web3 efforts
The music streaming giant Spotify is increasing its focus on Web3 by conducting trials of token-enabled playlists in a number of important locations.
On February 22nd, Overlord, a Web3 game platform, made the announcement that it will be partnering with Spotify. People who have Creepz nonfungible tokens (NFTs) on Spotify may now access the token-enabled community-curated playlist from Overlord by using their Web3 wallets. This feature was previously only available on Spotify. The playlists can only be unlocked by those who use Android and come from the United States, the United Kingdom, Germany, Australia, or New Zealand.
In addition, members of the Fluf, Moonbirds, and Kingship metaverse communities are taking part in the trial project for a period of three months. Although Fluf and Moonbirds have not disclosed any information on their partnership with the streaming service to the public, Kingship has stated on Twitter that it will be participating in a pilot. Users need to have a Kingship Key Card NFT in order to open the tracklist, which include popular songs from artists such as Queen, Missy Elliott, Snoop Dogg, and Led Zeppelin.
The news caused a significant increase in the number of Web3 music tokens. For instance, the value of Viberate's (VIB) native token increased by 33 percent. The value of other tokens, such Audius (AUDIO) and Rhythm (RHYTHM), increased by 4% and 2.5%, respectively.
In May 2022, Spotify started conducting experiments using NFT galleries on the profiles of artists. The users were able to see the artists' NFTs and then be routed to the OpenSea website where they could buy the things, despite the fact that there was no possibility for direct purchase on this platform.
One of the most rapidly developing industries for cryptocurrency use is still the music industry. A collaboration between the value-for-value podcasting platform Fountain and Zebedee was announced in the end of January. This cooperation would allow Bitcoin (BTC) micropayments for podcast listeners. The royalties rights to Rhianna's popular song from 2015, "Bitch Better Have My Money," were included in a collection of 300 non-functional tokens that were put up for sale in February.