The music streaming platform Spotify expands its Web3 efforts by testing tokenized unlockable playlists in several key markets.
Overlord, a Web3 game ecosystem, advertisement its partnership with Spotify on February 22. Community-curated Overlord playlists can now be accessed via the Web3 wallets of those holding Creepz Non-Fungible Tokens (NFTs) on Spotify. Only Android users in the United States, United Kingdom, Germany, Australia, and New Zealand can unlock the playlists.
Other participants in the three-month pilot are the digital world communities Fluf, Moonbirds, and Kingship. While Fluf and Moonbirds did not publicly share any details about their partnership with the streaming service, Kingship confirmed his participation in the pilot On twitter. To unlock the playlist, which includes hits by Queen, Missy Eliott, Snoop Dogg and Led Zeppelin, users will need to own an NFT Kingship Key Card.
The announcement triggered a rally in music tokens on Web3. For example, Viberate’s native token (VIB) is up 33%. Other tokens, such as Audius (AUDIO) and Rhythm (RHYTHM), were up 4% and 2.5%, respectively.
In May 2022, Spotify began to try NFT galleries in the profiles of the musicians. Although without a direct purchase option, it allowed users to preview the artists’ NFTs and be redirected to the OpenSea page where they could purchase the pieces.
The music market continues to be one of the burgeoning areas of cryptocurrency adoption. In late January, the podcasting platform Fountain announced a partnership with Zebedee to enable Bitcoin (BTC) micropayments to podcast listeners. In February, the copyright to Rhianna’s 2015 hit song “Bitch Better Have My Money” was offered as part of a 300 NFT collection.
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