Spotify’s integration with NFT projects, including Moonbirds, has helped its stock rally over 80 percent YTD.
The Moonbirds (Moonbird), a Ethereum ERC-721 NFT token, with a total supply of 10,000 units, has announced a strategic partnership with Spotify Technology SA (NYSE: SPOT) to enable nft holders to unlock some musical creations on the online platform. Per the announcement, Moonbirds holders in the United States, United Kingdom and Australia, along with some other selected geographic regions, can access Moonbirds playlists dubbed Sounds of a Digital Renaissance on the Spotify platform.
However, as per the announcement, only Android Moonbirds users will get access to the pilot program.
Reportedly, Moonbirds developers see the partnership with Spotify as an opportunity to onboard from Web2 to Web3 via the NFT industry. As a result, NFT holders have the chance to unlock more utility by keeping their assets on the blockchain.
Notably, the sounds of a digital renaissance were curated by Twitter user @dannylee with the help of SongBirds, @TheSongBirds.
Moonbirds said, “This playlist will fuel our community and the creative minds of our artists, featuring multi-genre hits from artists like Tame Impala, Diplo and more.” noted,
The Moonbirds team promises to continue building more utility for its NFT holders to enable value creation. Furthermore, there are thousands of NFT projects throughout the blockchain industry competing for the same market share.
Moonbirds Economics
According to market data provided by CoinGecko, MOONBIRD NFTs were worth 2.08000 ETH, which was worth approximately $3,673.92 on Friday, May 12. Additionally, the Moonbirds NFT project had a market capitalization of approximately 20,800 ETH, valued at approximately $36,739,241, and saw a daily turnover of approximately 80.47 ETH.
With nearly 10,000 unique digital assets, the Moonbirds project reported a total of 6,449 owners. Currently, Moonbird NFTs are available for trading open sea And it looks rare.
However, Moonbirds accounted for the majority of NFT volume on OpenSea over the past 24 hours.
Spotify taps NFTs to broaden its market
Earlier this year, a subset of board apps that signed on to the Kingship NFT project, Universal Music Group (UMG), announced a strategic partnership with Spotify in a pilot program to help unlock certain playlists.
“All you need is a KINGSHIP KEY CARD NFT to unlock this playlist on Spotify. For now, this pilot is only available for Android users in the US, UK, DE, AU, and NZ,”KINGSHIP noted,
Similarly, the partnership with Kingship was only made available to Android users as Apple introduced some internal policies restricting the functionality of NFTs.
Spotify’s integration with NFT projects, including Moonbirds, has helped its market share rally more than 80 percent YTD. According to the latest stock market data, Spotify stock is trading at $142.68, down 2.98 percent today.
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