Spotify is taking steps to incorporate non-fungible tokens (NFTs) into its platform.
In 2021, reports suggested that the company had plans to incorporate NFTs into its platform. Last week, Spotify announced a new pilot project for its first-ever NFT-gated playlists.
The virtual band KINGSHIP, which was launched as a virtual band of cartoon apes through Web3 label 10:22PM, announced its partnership with Spotify on a token-enabled playlist, exclusively curated for KINGSHIP Key Card (NFT) holders.
The pilot is currently available to Android users in the US, the UK, Germany, Australia, and New Zealand.
The token-enabled feature works by clicking on links shared on KINGSHIP’s official Discord and Twitter accounts. To unlock the playlist, users will have to connect their crypto wallets with their KINGSHIP Key Card NFT.
This move is aimed at being at the forefront of token-enabled commerce and increase engagement with KINGSHIP Key Card holders while also unlocking more value for the KINGSHIP community through music.
With this integration, Spotify is joining the growing number of companies integrating blockchain technology and NFTs into their platforms.
Companies such as Universal Music Group have already ventured into this space, collaborating with Web3-based platforms to develop virtual identities and NFTs for its artists.
This move by Spotify is proof that NFTs and blockchain technology are still gaining traction in the music industry.