Spotify’s integration with NFT projects, including Moonbirds, has helped its stock rebound more than 80% year-to-date.
The Moonbirds (MOONBIRD), an Ethereum ERC-721 NFT token with a total supply of 10,000 units, announced a strategic partnership with Spotify Technology SA (NYSE: SPOT) to allow NFT holders to unlock certain musical creations on the platform on line. According to the announcement, Moonbirds holders in the United States, United Kingdom, and Australia, a few other select geographies can access the Moonbirds playlist titled Sounds of a Digital Renaissance on the Spotify platform.
However, only Android Moonbirds users will have access to the pilot program, according to the announcement.
Apparently, Moonbirds developers see the partnership with Spotify as an opportunity to integrate Web2 with Web3 through the NFT industry. As a result, NFT holders have a chance to unlock more utility while keeping their assets on the blockchain.
Notably, the sounds of a digital rebirth were curated by Twitter user @dannylee, with help from SongBirds, @TheSongBirds.
“This playlist will fuel the creative minds of our community and artists, featuring cross-genre hits from artists like Tame Impala, Diplo, and more,” Moonbirds noted.
The Moonbirds team promised to continue to create more utility for its NFT holders to enable value creation. Additionally, there are thousands of NFT projects across the blockchain industry, all competing for the same markets.
According to market data provided by CoinGecko, MOONBIRD NFTs had a floor price of 2.08000 ETH, worth around $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 traded volume of approximately 80.47 ETH.
With around 10,000 unique digital assets, the Moonbirds project reported a total of 6,449 owners. Currently, MOONBIRD NFTs are available for trading on OpenSea and LooksRare.
However, OpenSea held the majority of Moonbirds’ NFT volume for the past 24 hours.
Spotify leverages NFT to expand its market
Earlier this year, Project KINGSHIP NFT, a subgroup of Board Apes signed to Universal Music Group (UMG), announced a strategic partnership with Spotify in a pilot program to help unlock select playlists.
“All you need is a KINGSHIP NFT key card to unlock this playlist on Spotify. For now, this driver is only available for Android users in US, UK , Germany, Australia and New Zealand. noted.
Similarly, the partnership with Kingship has only been made available to Android users since Apple introduced some internal policies restricting the functionality of NFTs.
Spotify’s integration with NFT projects, including Moonbirds, has helped its stock market rebound more than 80% year-to-date. According to the latest market data, Spotify stock is trading at around $142.68, down 2.98% today.
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