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Spotify Entering the NFT Space, Users Seem To Be Dismayed

Posted on by admin
18
May
  • Spotify users react to Spotify experimenting on NFTs.
  • Selected US-based users will be able to see the NFTs of some artists on the platform.
  • The music industry is making waves in the NFT world.

Following the announcement from Music Ally that major music streaming platform Spotify will be testing the option to include NFT galleries on musicians’ profiles, Spotify users are having mixed reactions to this news.

The test will run optionally for select Android users across the United States and currently includes NFT previews for artists such as Steve Aoki and The Wombats.

Even though Spotify will not be taking any cut from NFT sales, several Spotify users were tweeting about their reactions to this latest news and it’s fair to say that the tone is not one of overwhelming support.

Twitter user Jordan McKimm said that the music platform is yet “another platform falling victim to NFTs,” adding that they will stop using the app once the NFTs are integrated.

Similar sentiments were echoed by users HeyoHaylo and sunkizzer, with the former joking about switching to YouTube Music instead. They tweeted, “Oop, looks like Spotify might get into NFTs. Is YouTube Music good?”

On the other hand, there were some who responded with a positive note. DJ Seip, a music writer and producer, tweeted:

Great news for musicians! Showcasing your NFTs to your Web2 @Spotify listeners. This is powerful and exciting.

Additionally, Spotify has been sending out surveys and offering some people compensation for talking to team members about their opinions on NFTs and Web3. 

Speculations arose that the streaming platform has some more ambitious ideas around how NFTs might fit into its service. But the company says it’s conducting the test in response to requests from its industry partners.

NFTs are unique digital assets such as artwork or videos brought and sold online that give holders ownership of the items. And now, the music industry is making waves in the NFT world.

Some major artists have already begun exploring the potential of NFTs in the music industry, and some have already experimented with NFTs.

There are more ways NFTs can change the dynamics of the music industry. In an article from MakeUseOf on How NFTs Are Changing the Music Industry, by tokenizing music into NFTs, artists can launch unique, collectible versions of their music.

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