“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 spokesperson for the company 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.” This is a standard response for any under-development feature. We won’t be surprised if Spotify drops this plan altogether, considering the diminishing interest for NFTs. Meanwhile, the folks at The Verge managed to get a few screenshots showing how the NFTs would appear on an artist’s profile.
Instagram is also working on allowing creators to showcase NFT collections on their profiles
Artists who choose to showcase their NFTs will have a separate section for it sitting below the header and the song list. The NFT gallery opens up the entire collection with the ability to scroll through them. You can then tap any NFT from the list to enlarge it on the screen, while a description is also available. There’s also a “See More” option that directs users to the NFT’s OpenSea link, letting users purchase the NFT. Music Ally claims that Spotify won’t take a commission on sales of the NFT, positioning itself as a facilitator for now. However, that’s likely to change if Spotify makes this feature officially available to all customers. The platform is probably in touch with several artists who are keen on showcasing their NFT collections. However, the screenshots only show NFTs from The Wombats and Steve Aoki. One of the most popular social media platforms today, Instagram, also jumped on the NFT bandwagon last week. The Meta-owned platform has high ambitions for the sector, particularly given its plans for the metaverse. However, recent data accessed through The Wall Street Journal paints a grim picture of the NFT market. NFT sales have fallen to 19,000 as of May 3, 2022, signifying a 92% reduction since September 2021 (225,000). NFT wallets are on the decline, too. There were only 14,000 NFT wallet apps as of April 2022, down from 119,000 in November last year.
