Spotify is testing the integration of Web3 Wallets
Press Release

Spotify is testing the integration of Web3 Wallets

written by John Murphy | February 28, 2023

The initiative to integrate the web3 wallets in Spotify will allow users to access coin-enabled playlists. For instance playlists by Overlord, Fluf, Mooonbirds, and Kingship will become accessible with their NFT wallets. This means the users will be able to make purchases with their coins directly from web3 wallets.

Spotify is a music streaming platform; they’ve tested token-enabled playlists on the platform in several major markets, to expand their web3 efforts.

Overlord is a web3 gaming ecosystem. Recently on Feb 22, they made their coalition with Spotify, public. Anyone who owns the creepz NFT on Spotify will be able to access the token-enabled playlist made by the overlord. This playlist is only accessible in the United States, the United Kingdom, Germany, Australia, and New Zealand.

The metaverse communities of Fluf, Moonbirds, and Kingship are additional participants in the three-month pilot testing. While Fluf and Moonbirds kept their association with the streaming service a secret, Kingship openly announced its participation in a pilot. Users need a Kingship Key Card NFT to access the playlist, which has songs by Queen, Missy Eliott, Snoop Dogg, and Led Zeppelin.

The announcement resulted in an influx of Web3 music tokens. For example, Viberate’s (VIB) native token raised by 33%. Other tokens, such as Audius (AUDIO) increased by 4% while Rhythm (RHYTHM) by 2.5%.

Spotify started experimenting with NFT galleries on musician profiles in May 2022. Although there was no direct purchase option, users may preview the artists’ NFTs and then be redirected to the OpenSea website to make their purchases.

The music industry is one of the major areas where the use of cryptocurrency has been thriving. In order to allow Bitcoin payments for podcast listeners, value-for-value podcasting platform Fountain established a partnership with Zebedee in late January. Royalty rights were available to the popular 2015 song “Bitch Better Have My Money” by Rhianna in February as part of a collection of 300 NFTs.