Spotify to Integrate Web 3.0 Wallets For NFT-Enabled
- With this, Spotify is planning to catch up with the web3 innovation and onboard new creators who are changing the paradigm of music production
- NFTs cannot only tokenize the original tracks but also enable singers and musicians to mint their own NFT collectibles.
Spotify, the world’s leading music streaming platform,
has announced a partnership with Overlord’s Creepz NFTs to launch token-enabled playlists.
Spotify is finally materializing its Web3 aspirations with its latest integration with Overlord, a web3 gaming ecosystem. Apart from that, Spotify is also collaborating with Fluf, Mooonbirds, and Kingship to integrate non-fungible tokens into the platform.
With this, Spotify is planning to catch up with the web3 innovation and onboard new creators who are changing the paradigm of music production. To unlock the tracklist, featuring hits from Queen, Missy Elliott, Snoop Dogg, and Led Zeppelin requires a Kingship Key Card NFT.
This announcement sparked a flurry of activity in the Web3 music token space, with VIB, Viberate's native token, surging 33%. Other tokens, such as Audius' AUDIO and Rhythm's RHYTHM, also experienced a 4% and 2.5% increase, respectively. Initially, Spotify started NFT galleries for various artists and led them to Opensea for making the purchase. However, with these new integrations, it is possible that listeners might be enabled to buy NFTs directly from Spotify.
Why Music Industry is Moving Towards NFTs?
The music industry is one of the biggest faces of the entertainment industry and has a vast scope for NFT incorporation. NFTs cannot only tokenize the original tracks but also enable singers and musicians to mint their own NFT collectibles.
Songs, albums, music, lyrics, and soundbites can all be transformed into Non-Fungible Tokens (NFTs), offering a revolutionary disruption to the music industry. By leveraging the power of blockchain technology, these digital assets can be securely bought, sold, and traded, creating a new and exciting way for artists to monetize their work.
The music industry can leverage the future potential of the Metaverse through the use of NFTs. NFTs offers a unique opportunity to revolutionize the way music is created, distributed, and monetized, allowing artists to gain more control over their work and create new revenue streams. With NFTs, the music industry can explore new possibilities and unlock the potential of the Metaverse.
