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- On an external marketplace, the user will be able to buy the NFT.
- All participants will be given access to a limited quantity of NFTs published.
It was revealed this weekend by Music Ally, a website that specializes in music and technology, that Spotify has begun a test of new NFT capabilities that would allow musicians to market their non-fungible tokens. However, only a very limited number of artists will be able to use the new features. The business focuses on a small number of people in the United States for this first round of testing.
All participants will be given access to a limited quantity of NFTs published on the profile pages of participating artists. After knowing more about the NFT, they will make up their minds about purchasing it. On an external marketplace, the user will be able to buy the NFT.
Rise of NFT Trend
According to Spotify, this feature testing will not incur extra costs. Several requests for NFT integration have been received by Spotify from industry business partners, as previously reported. An important aspect of the company’s long-term strategy has been to create an open community where artists and fans may communicate and engage with one another more often.
Like Twitter’s profile NFTs, the new feature looks to be similar. NFT-based avatars may now be created by select Twitter (NYSE:TWTR) users, thanks to a new feature on the platform. Since the NFT avatar photo will be shown as a hexagon rather than a circle, visitors may click on them to learn more about the NFT project.
All kinds of enterprises may participate in the NFT arena, from small startups to Fortune 500 companies. In addition, the social media business has announced that its NFT would be free to use and distribute. For the pilot project, just a few NFT users from the United States will be involved.