Spotify Testing Token-enabled Playlists for Music fans
TL; DR
Music streaming Spotify is testing a token-enabled playlist.
Android users from the UK, US, Australia, Germany, and New Zealand can take part in the Spotify testing phase.
NFT adapted playlists help to fight music piracy which increases revenue for the artists.
The recent popularity of music NFTs has resulted in a surge of their prices.
Introduction
The blockchain technology is now playing a great role in promoting music and uplifting the welfare of musicians. This is because music NFTs enable exclusive access to songs thereby creating personalized and unique experiences. This article covers how NFT tagged music works and the benefits of curating the songs.
Understanding token-enabled playlists
Spotify, the music streaming firm, is set to increase its presence on the Web3 through the introduction of token-enabled playlists from selected markets which include Overlord, Fluf, Moonbirds and Kingship. What this means is that the holders of the specified NFTs are able to connect their wallets and access curated music. Some of the web3 wallets that they use to access the special music are MetaMask, Trust Wallet, Zerion wallets, Rainbow and Ledger Live.
The NFT holders will be able to access the music using the appropriate links. This unique technology will help music streaming platforms to generate additional income.
Read also: How Decentralized Social Media App For Web3 Will Be
For example, Spotify recently entered a partnership with Overload, one of the leading web3 gaming platforms. Music lovers who hold Creepz non fungible tokens (NFTs) on Spotify will be able to access curated music from Overlord.
Spotify - Indianexpress
It is important to note that Spotify is in the testing phase of its new service, the “token-enabled playlists. Apart from Overload, the other participants in the testing process are Kingship, Fluff and Moonbirds communities. For example, the users who hold Kingship Key Card NFT will be able to unlock the tracklists from Led Zeppelin, Queen, Missy Eliott and Snoop Dogg.
Spotify’s announcement to test its token-enabled service led to price rises of several web3 music tokens like Viberate’s native token (VIB0), Audius (AUDIO) and Rhythm (RHYTHM). Notably, using NFTs to access curated music will increase the adoption of digital assets such as cryptocurrencies. The reason is that NFTs become a new means for users to access exclusive and unique music experiences.
Read also: How Blockchain and NFTs Are Changing the Music Industry
Also, this Spotify music service will allow artists to create exclusive and high quality music for their fans. Aside from Spotify, there are other music streaming platforms like Audius and Royal that are also working on the appropriate technology which integrates NFTs with music. A breakthrough, in this regard, will result in a new era in the music industry.
The benefits of NFT gated music playlists
Tokenization of music will bring great benefits for streaming platforms, music lovers and creators. For example, the music lovers gain from accessing personalized content that is in line with their preferences. On the other hand, NFT gated playlists on Spotify helps to prevent music piracy which lead to more revenue for the artists.
Entrepreneurs will also find new opportunities in the music sector. It will be possible to have music NFT marketplaces where individuals will buy and sell music non-fungible tokens. They will buy or sell one-of-a-kind NFTs which are connected to certain songs or albums. Like most NFT marketplaces, we expect these platforms to have bidding and auction features which create different options for the investors.
Music NFT Marketplace - Berklee
In addition to the above, music tokenization opens new avenues for musicians to engage with their fans and get useful input that will align their creativity with what their audience prefers. This gives the artists greater room to monetize their creativity than they currently have.
What is a gated NFT Music playlist?
An NFT gated playlist is a series of songs which only music lovers with the appropriate NFTs can access. Artists and influencers can curate their music and connect it to specific NFTs. Such songs or albums will exist on music streaming platforms like Spotify and Audius, a crypto-related music streaming service. People use the blockchain technology to verify ownership of the songs or music albums.
Who can participate in the Spotify Pilot Programme?
The current Spotify pilot programme is not open to everyone. Only music lovers from the UK, US, Australia, Germany, and New Zealand are able to take part during the testing phase. It is essential to note that only Android users from the stated countries can participate in the testing programme.
Conclusion
The success of music NFTs will result in an increase in the adoption of digital assets. They also enable musicians to generate more revenue from their playlists than they currently do. Spotify, Audius and Royal are examples of music streaming platforms that are testing how to use NFTs in the music sector.
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FAQs for Spotify
Can music be tokenized?
It is very possible to tokenize music. A music NFT is a one-of-a-kind token which exists on the blockchain that can be sold as a song, a music video or even an entire album. These NFTs are a means for musicians to monetize their unique talents.
How does music work as NFT?
A musician creates a song and converts it into a non-fungible token that exists on the blockchain which people can buy and sell. Such music becomes secure since no one can alter or copy it. Each NFT is only linked to one song, music video or a single album.
How is blockchain used in music?
Musicians create songs which they convert into NFTs that exist on the blockchain. No one can change, steal or copy the songs that have been turned into NFTs. Therefore, an NFT acts as a proof of ownership of a song or music video.
What are the benefits of music NFTs?
A music NFT cannot be altered or copied, meaning that it is always secure. The songs are sold on exchanges, generating revenue for the artist. Whenever the NFT changes hands the artist gets loyalty.
