Music streaming platform Spotify expands its Web3 efforts by testing token-enabled playlists in several key markets.
Overlord, a Web3 gaming ecosystem, announced its partnership with Spotify on Feb. 22. The token-enabled community-curated playlist from Overlord may now be accessed via Web3 wallets of those who hold the Creepz nonfungible tokens (NFTs) on Spotify. Only Android users from the United States, United Kingdom, Germany, Australia and New Zealand can unlock the playlists.
Other participants in the three-month pilot are the Fluf, Moonbirds and Kingship metaverse communities. While Fluf and Moonbirds didn’t share any details on their partnership with the streaming service publicly, Kingship confirmed its participation in a pilot on Twitter. To unlock the tracklist, including the hits by Queen, Missy Eliott, Snoop Dogg and Led Zeppelin, users should possess a Kingship Key Card NFT.
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The announcement triggered a surge of Web3 music tokens. For example, Viberate’s (VIB) native token was up 33%. Other tokens, such as Audius (AUDIO) and Rhythm (RHYTHM), rose 4% and 2.5%, respectively.
In May 2022, Spotify began testing NFT galleries on musicians’ profiles. Although without an option of direct purchase, it let the users preview the artists’ NFTs and be redirected to the OpenSea page where they could purchase the items.
The music market remains one of the blooming areas of crypto adoption. In late January, value-for-value podcasting platform Fountain announced a partnership with Zebedee to enable Bitcoin (BTC) micropayments for podcast listeners. In February, royalty rights from Rhianna’s hit 2015 song, “Bitch Better Have My Money,” were offered as part of a collection of 300 NFTs.