Spotify Rolls Out Token-Gated Playlist Pilot
Milestone Date: February 23, 2023
Music streaming giant Spotify is making strides in the world of non-fungible tokens (NFTs) by launching a pilot program to test token-gated playlists. Spotify is partnering with Overlord (a gaming and entertainment brand) and Kingship (a virtual band from Universal Music Group's 10:22PM label). The pilot project will feature token-gated playlists exclusively accessible to NFT holders of partner communities like Overlord and Kingship.
The pilot project will leverage blockchain infrastructure to create a unique music experience for NFT owners. For example, holders of the Creepz NFT collection from Seth Green’s Stoopid Buddy Stoodios (with whom Overlord struck a deal) will gain access to curated playlists, allowing them to enjoy exclusive music content and test the token-gated playlist integration. “The user simply clicks on the playlist. It takes you out to your preferred wallets, whether it's MetaMask or Ledger; it depends on how you store your assets,” Overlord co-founder Joe Carnell told Decrypt. “It will ask you to sign, and then it will grant you access to the playlist.” By tokenizing playlists, Spotify is adding an element of exclusivity and value for NFT holders within the music streaming space.
Overlord’s deal with Stoopid Buddy Stoodios involves the creation of an animated show based on Creepz characters whose NFTs, at the time this article was authored, had a floor price on the Opensea NFT Marketplace of approximately US$1890. Thanks to Overlord’s partnership with Spotify, Creepz NFT holders will also get access to a playlist that includes songs like "Vitamin C" by CAN, "Shimmy Shimmy Ya" by Ol’ Dirty Bastard, "Rocket Man" by Elton John, and more than 100 other songs.
This testing ground for the integration of NFTs and token-gated playlists within Spotify's ecosystem with the likes of Overlord, the Creepz NFT collection, and Kingship, will provide insights into user engagement, the demand for exclusive content, and the impact that such token-gating will have on the music streaming experience.
As Spotify taps into the world of NFTs, it is demonstrating its commitment to innovation and adoption of emerging technologies. By exploring the potential of blockchain and token-gated playlists, Spotify is looking to enhance its user experiences and cater to the evolving demands of its audience.
The success of the pilot could pave the way for further collaborations between music streaming platforms and blockchain-based solutions, fostering a new era of ownership, engagement, and monetization within the music industry.
By Elizabeth Morrison
Published:February 23, 2023