The NFTs have lost much of their appeal throughout 2022, but still have company embarking on this wave. The newest is Spotify. In one test, the music platform only releases certain playlists for those who own a token. The experiment also involves a band that only exists in the metaverse (had to be).
The test is only available in the US, UK, Germany, Australia and New Zealand. Only Android users can participate. Apple has stricter rules for NFTs: they can’t release extra features in apps, as is the case here.
The test will last three months. Special playlists will be available to nfts from fluf, moonbirds, kingship and overlord communities. To access them, you need to connect your wallet to Spotify.
Kingship is a band that only exists in the metaverse, by the way. She has a contract with Universal Music Group.
In a Twitter post, the group said that a playlist created and controlled by them can only be accessed by those who own the Kingship Key Card.
Interest in NFTs dropped in 2022
It’s not the first time Spotify has tested so-called non-fungible tokens. In the first half of last year, the company conducted an experiment with GALLERIES of NFTs in the pages of artists, who could sell the badges at OpenSea.
The timing, however, is not the best. According to Google Trends, interest in the subject is at 22% of what it was 12 months ago, the lowest in this period.
Sales in the third quarter of 2022 fell 60% compared to the second quarter of that year. And expensive investments plummeted: the Bored Ape token was traded for $70,000 in November. In January 2022, singer Justin Bieber bought one for $1.3 million.
Companies linked to tokens and cryptocurrencies are experiencing difficulties. Coinbase has already laid off more than 20% of its employees. FTX went bankrupt, and Sam Bankman-Fried, one of the company’s founders, is accused of fraudulent activity
