Spotify is looking to incorporate NFTs into its platforms. According to Music Ally, the app is exploring ways in which artists would be able to display their unique NFT offerings within the platform. Thus far, The Verge reports this option is available for Steve Aoki and The Wombats. However, it’s unclear if the feature will be offered to other artists in the future.
“Spotify is running a test in which it will help a small group of artists promote their existing third-party NFT offerings via their artist profiles,” a Spotify spokesperson told Music Ally.
“We routinely conduct a number of tests in an effort to improve artist and fan experiences. Some of those tests end up paving the way for a broader experience and others serve only as an important learning.”
The incorporation of NFT galleries may be too little too late. Within recent months, the popularity of NFTs within the music industry has declined significantly. A recent report from The Wall Street Journal found that daily NFT sales have dipped 92% over the last eight months. Furthermore, the number of active NFT wallets has dropped by more than 100,000 within the last year.
