Music streaming platform Spotify Technology SA (NYSE:SPOT) is testing out a way for artists to display their NFTs on their artist pages.
What Happened: A spokesperson from Spotify told Music Ally that the platform is “running a test in which it will help a small group of artists promotes their existing third-party NFT offerings via their artist profiles.”
Included in this list of artists are Steve Aoki and The Wombats that have already displayed their NFTs on the platform.
See Also: HOW TO MAKE AND SELL NFTS
It is worth noting that Spotify is not taking a cut of any NFT sales, but rather providing artists with another platform to promote their digital collectibles.
The artist NFT gallery is displayed below the header and song list, The Verge reported. The “See More” button will redirect users to the artist’s OpenSea page, where they can attempt to purchase the NFTs.
“We routinely conduct a number of tests in an effort to improve artist and fan experiences. Some of those tests end up paving the way for a broader experience and others serve only as important learning," the Spotify spokesperson was quoted as saying.
A number of high-profile musicians have made high-value NFT purchases in recent months. Included in this list are Eminem, Justin Bieber, and Madonna who became members of the exclusive Bored Ape Yacht Club (BAYC) community this year.
See Also: Justin Bieber Shows Off His Bored Ape Yacht Club NFT: Why Did He Pay $1.3M For This Particular Ape?
Price Action: According to data from Benzinga Pro, the leading digital asset Bitcoin (CRYPTO: BTC) was trading at $30,264, down 0.34% over 24 hours. Ethereum (CRYPTO: ETH) was trading at $2,070, down 0.31% over the same period.
Spotify shares traded 1.03% lower during the after-market session on Monday.
