By
Chimamanda U. Martha
April 22nd, 2024
The integration of Spotify with NFT projects including Moonbirds has helped its stock rally more than 80 percent YTD.
The Moonbirds (MOONBIRD), an Ethereum ERC-721 NFT token with a total supply of 10k units, has announced a strategic partnership with Spotify Technology S.A (NYSE: SPOT) to enable the NFT holders to unlock certain music creations on the online platform. According to the announcement, Moonbirds holders in the United States, the United Kingdom, and Australia, another few selected geographic regions can access Moonbirds playlist dubbed Sounds of a Digital Renaissance on the Spotify platform.
However, only Android Moonbirds users will access the pilot program, according to the announcement.
Reportedly, the Moonbirds developers see the partnership with Spotify as an opportunity to onboard Web2 to Web3 through the NFT industry. As a result, the NFT holders have a chance to unlock more utility while still holding their assets on the blockchain.
Notably, the Sounds of a Digital Renaissance was curated by Twitter user @dannylee, with the help of SongBirds, @TheSongBirds.
“This playlist will fuel the creative minds of our community and our artists, with multi-genre hits from artists such as Tame Impala, Diplo, and more,” Moonbirds noted.
The Moonbirds team promised to keep building more utility for its NFT holders to enable value creation. Moreover, there are thousands of NFT projects in the entire blockchain industry all competing for the same markets.
Moonbirds Economics
According to market data provided by CoinGecko, the MOONBIRD NFTs had a floor price of 2.08000 ETH, worth approximately $3,673.92 on Friday, May 12. Additionally, the Moonbirds NFT project had a market capitalization of approximately 20,800 ETH, worth approximately $36,739,241, and a daily traded volume of about 80.47 ETH.
With about 10k unique digital assets, the Moonbirds project reported a total of 6,449 owners. Currently, the MOONBIRD NFTs are available for trading on OpenSea and LooksRare.
However, OpenSea had the majority of Moonbirds NFT volume in the past 24 hours.
Spotify Taps on NFT to Broaden Its Market
Earlier this year, the KINGSHIP NFT project, a subgroup of Board Apes signed to 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 to Android users in the US, UK, DE, AU, and NZ,” the KINGSHIP noted.
Similarly, the partnership with Kingship was only made available to Android users since Apple introduced some internal policies restricting the functionalities of NFTs.
The integration of Spotify with NFT projects including Moonbirds has helped its stock market rally more than 80 percent YTD. According to the latest stock market data, Spotify stock is trading at around $142.68, down 2.98 percent today.