Music NFTs have become a powerful way for artists to generate revenue and connect with fans, but so far, there’s no easy way for consumers to listen to their NFT collection on their daily commute or make a playlist from the tracks in their wallet. The ‘Spotify of NFTs’ does not yet exist.
That might soon change, however. Web3 music platform YellowHeart has launched an NFT streaming player, which founder and CEO Josh Katz believes will unlock a new wave of adoption of Web3 music. “One of the biggest bottlenecks we’ve faced is making NFT content easily digestible for fans,” he said in a statement. “Bringing a Web3-friendly streaming player into the space puts this roadblock to bed. Our hope is that it will continue to drive mass adoption so we’re able to marry the best of old and new music formats with NFTs.”
The new player will combine a Spotify-like streaming experience with the power of Web3 tools. In addition to streaming, for example, fans can also unlock free concert tickets, custom vinyl records and merchandise directly from their NFTs on the platform — something that’s not possible on existing streaming services.
Already one of the leading web3 music platforms, YellowHeart is slowly building a full music NFT experience that includes collecting, streaming and ticketing. The platform found notable success in 2021 with the release of the Kings of Leon NFT album, and it’s currently among the leading names in NFT ticketing, which can reduce fraud and mitigate scalping.
At the time of launch, fans can only stream NFTs released on the YellowHeart platform, but the company will expand to include other wallets and marketplaces in the future. Eventually, the player will grow beyond music and into streaming gated TV and film content.
YellowHeart is the largest platform to experiment with music NFT streaming, but it’s not the first. OohLaLa allows fans to connect their wallet and create playlists of the tracks in their collection. SuperCollector enables fans to stream a playlist of tracks from different collectors’ wallets. And FutureTape — built by the founder of Hype Machine — aggregates the most recent music NFT releases into a streamable playlist across various Web3 music platforms.
Music streaming remains a nascent use-case for blockchain and NFTs, and it remains to be seen whether there is appetite for this among music fans. If successful, however, it could unlock the mass consumption currently missing from the space.