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May 16, 2022 04:45 pm

Spotify Experiments With Musician NFT Galleries

Spotify is testing a way for artists to display their non-fungible token (NFT) collections. From a report: The music streaming platform has rolled out the test for some users on Android in the US and currently includes NFT previews for artists like Steve Aoki and The Wombats. "Spotify is running a test in which it will help a small group of artists promote their existing third-party NFT offerings via their artist profiles," a Spotify spokesperson said in a statement to Music Ally. "We routinely conduct a number of tests in an effort to improve artist and fan experiences. Some of those tests end up paving the way for a broader experience and others serve only as an important learning." More companies are trying to catch the NFT wave, but it looks like that initial surge could be petering out (at least for the time being). According to The Wall Street Journal, daily NFT sales have dipped 92 percent from 225,000 in September of last year to just 19,000 as of May 3rd. The number of active NFT wallets is also on the decline, from about 119,000 in November to 14,000 toward the end of April.

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