NFTs In Spotify: Is This A Feasible Step For The Music Streaming Giant?

Many people believe NFTs are going to change the way various industries work, and that’s why they’ve skyrocketed in popularity in a few years. The music industry is one of the many affected by this NFT craze. NFTs are popping up left and right in the music industry. Artists are making them, companies are using them, and music festivals are using them to connect with fans. Nobody wants to be left behind. One of these big names dabbling with the concept of NFTs is Spotify. NFTs in Spotify Everyone in the music industry has come across Spotify one way or another. The Swedish audio streaming and media services company gained its name as one of the leading music streaming service providers shortly after it entered the market at a period when the internet was becoming a center for music. But as artists are now turning to NFTs to showcase their talents, Spotify is also looking to provide the functionality to artists on its platform. NFTs (Non-Fungible Tokens) are a special type of digital asset that can be used to represent a physical item. Although majorly art pictures, they can also be in the form of a video or an audio recording. Artists are able to maintain full control over the distribution of their work and receive a portion of the proceeds whenever their creations are resold thanks to NFTs. Spotify is currently conducting an NFT compatibility test with a select group of artists in the United States. This new feature will allow...