The Weeknd dropped a new song teaser on Twitter, saying that the song is now “living in the NFT space” so let’s find out more in our latest cryptocurrency news.
Shortly after the Super Bowl performance, The Weeknd dropped a new song teaser in the world of NFTs. On Twitter, the singer wrote that the “new song living in the NFT space” was coming soon but it wasn’t clear whether he was talking about the original song or a form of NFT. Whatever it means, Abel Tesfaye is not the first musician to experiment with Non-fungible tokens as the blockchain-based collectibles quickly became the most popular form of investment in the crypto space.
https://twitter.com/theweeknd/status/1375523344817086465
An NFT is a specialized token that can be associated with a file and can be auctioned off. The goal is that you are purchasing a form of transparent proof of ownership which can be worth more than the file itself. Grimes sold an NFT collection for about $6 million, Kings of Leon attached a new premium VIP package to NFTs promoting their album, Jacques Green auctioned off publishing rights to a new single as an NFT and Aphex Twin along with Mura Masa and Toro Y Moi sold digital art in NFT form.
NFTs are polarizing among artists and some of them even see more revenue streams, especially the smaller artists which is something progressing and has the potential to transform how the artist is paid for their work. Others see them as a vanity project or a chance for other artists on their already-large followings by shilling for being harmful and VC-backed marketplaces. The Weeknd was not nominated for a Grammy this year but given the size of his fanbase, there are chances that he will be seeing more profits from whatever he’s got planned.
As recently reported, The New York Times ran a column about the emerging market for NFTs and put an image of a piece up for auction as an NFT and the article was titled “Buy the Column on the Blockchain” which eventually someone did. The New York Times NFT was sold for around $560,000 on Foundation which is the dedicated marketplace for digital collectibles and the last-minute bidding on NFT boosted the price quicker, rising from just over $100K to half a million a matter of moments.
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