Spotify just keeps incorporating cutting-edge features into its music and digital media streaming service. The company has officially announced that they are testing the ownership of a non-fungible token (NFT) in order to access restricted playlists.
The company has experience with cryptocurrency tokens. Last spring, it conducted a small test of NFT galleries on artist pages and advertised for developers with relevant experience. Such a move would aid Spotify in forming partnerships where it could increase listening and sales of partner NFTs by locking away music selections behind a paywall.
Kingship Unlocks Access
Kingship describes themselves as ‘a supergroup consisting of rare Bored Apes.’ They are a metaverse band signed to Universal Music Group.
Artists like Snoop Dogg and Missy Elliot, as well as classics from Queen and Led Zeppelin, will be available to listeners with Kingship Key Card NFTs in the following countries:
- United States
- United Kingdom
- New Zealand
We, KINGSHIP strive to ALWAYS be at the forefront of technology and music.
Now, we're taking this commitment a step further by launching a brand new token-enabled playlist with @Spotify!
This is a special curated playlist exclusively for KINGSHIP Key Card (NFT) holders. 🧵 pic.twitter.com/5ftjk8OgC6
— KINGSHIP (@therealkingship) February 22, 2023
A crypto wallet like Metamask, Trust Wallet, Rainbow, Ledger Live, or Zerion must be linked in order to verify the NFT that grants access to the playlist, and the group has provided a detailed set of instructions on how to do so.
For the trial, Kingship made available an exclusive playlist to NFT cardholders with the Kingship key. Users in five countries can access these playlists on their Android devices only.
Soundoshi Already In The Mix
The music platform Soundoshi can potentially stream tens of millions of songs thanks to the BSV blockchain and its scalable technology.
Soundoshi is providing musicians with a new revenue stream by enabling them to make music NFTs that fans can purchase independently.
It offers a listening experience comparable to that of services like Spotify and Apple Music, but it allows musicians to keep all of the revenue from their songs and to sell them directly to fans at any price they choose.
Apple Sitting This One Out
Not surprisingly, the feature is inaccessible to iPhone users because Apple published a set of rules in October 2017 limiting the capabilities of NFTs.
Android users are able to gain entry without any restrictions as long as they reside in the 5 countries listed above.
In addition to Kingship, Coindesk has discovered that digital communities like Overlord, Fluff and Moonbirds are also publishing playlists that token holders can access.
Bad Timing For Spotify
Companies in the blockchain industry such as FTX and Coinbase are suffering from either fraud allegations or the ongoing decline of the cryptocurrency market. As a result of poor asset sales, NFTs have lost a lot of popularity over the past year.
Spotify has also announced layoffs of 6% of its workforce in an effort to reduce expenses. Less money is available for the company to invest in experiments and the market outlook is generally bleak.
Spotify has experience with NFTs beyond token-gated playlists. A profile feature that allowed digital artists to promote their work was tested by the company in May 2022.
The success of this pilot project suggests that Spotify is close to having the necessary infrastructure in place to begin offering token-gated music, albums, and podcasts. Hopefully, this will be a topic of discussion at the company’s upcoming event. ? WHAT EVENT?
The company was also clear that only Spotify Premium subscribers would be eligible for this feature. It was also stated that during the three month beta period, these playlists will be updated.
The pilot project under Spotify is just one of many tests that the streaming service runs but that it may not be implemented for all 489 million users.