Spotify’s New Feature: Unlock Playlists with Your NFTs
Spotify is reportedly testing a new feature that would require users to own non-fungible tokens (NFTs) to access certain playlists. The feature is being piloted with bands like Kingship, as well as organizations including Fluf, Moonbirds, and Overlord. While the test appears to be limited to Android users in some countries, it comes as no surprise given that Apple limited the use of NFTs on iOS last year.
According to a Spotify spokesperson, the company routinely conducts tests to improve its products, and while some tests lead to product improvements, others provide important learnings. Spotify has previously experimented with NFT galleries on artist pages, and the move to use NFTs for playlist access could help the company form partnerships and spur sales of partners’ NFTs.
However, the timing of the test is not ideal, as interest in NFTs has cooled and blockchain businesses like FTX and Coinbase are reeling from fraud accusations or the continued crypto market downturn. Moreover, Spotify is currently cutting costs and recently announced layoffs of six per cent of its workforce, which may limit the company’s ability to invest in experimental features. The company is set to hold its Stream On event on March 8th, but it remains unclear if the NFT feature will be discussed.