Streaming service bosses created the special Pantheon hall of fame in 2017 to spotlight breakthrough artists and "cultural disruptors who are making an undeniable impact on hip-hop".
As part of the project, the honourees are given their own sculptures, which are temporarily housed in the Brooklyn Museum in New York City.
"Spotify is committed to supporting young, innovative artists who also have a positive impact on the music industry, culture, and society," Carl Chery, Spotify's Hip-Hop curator and Head of RapCaviar, shares in a statement.
"These four bold and fearless artists are striving to make changes with their music, and we're thrilled to induct them into the program."
Cardi has since shared behind-the-scenes footage of herself posing for her sculpture on Instagram, and encouraged fans to check out the artwork and pose for selfies.
"If you're in the New York area make sure you check out my statue in the Brooklyn Museum !!!!" she captioned the clip. "Thank you rap caviar this is amazing!!! April 3rd - 7th! Make sure ya take pics and tag me (sic)".
Celebrating the news, her sister Hennessy Carolina commented, "Wooooow soooo cool! I can't wait to see it!".