Grammy award-winning artist The Weeknd has joined a list of personalities capitalizing on the ongoing NFT craze.
What Happened: The musician has teamed up with Strange Loop Studios to create artwork, and digital art marketplace Nifty Gateway to release his new collection, which will reportedly consist of new music and limited edition art.
According to a post shared by The Weeknd on Twitter, the NFT drop is set to go live on Saturday at 2:00 PM EST.
Excited to announce that my first NFT drop is taking place on Saturday at 2:00 pm EST on @niftygateway. The collection will feature new music and limited edition art. I developed the artwork with Strange Loop Studios pic.twitter.com/627BO4JekK— The Weeknd (@theweeknd) March 31, 2021
Why It Matters: The exclusive sale is set to take place in two parts. The first will be a flash sale of three different pieces of digital art, with each containing a different segment of the new song. These NFTs will be available in unlimited quantities but for a limited period of time.
The second part of the sale will be a 24-hour exclusive auction for an exclusive single piece of art that comes with the new song, in its complete and unfiltered form. The Weeknd will not be releasing this song on any platform now or in the future, essentially making the winner of this auction the only one with access to it.
Blockchain is democratizing an industry that has historically been kept shut by the gatekeepers. I’ve always been looking for ways to innovate for fans and shift this archaic music biz and seeing NFT’s allowing creators to be seen and heard more than ever before on their terms is profoundly exciting,” said The Weeknd, adding, “I intend to contribute to this movement and can see that very soon it will be weaved into the music industry’s mechanics.”
Image: Kayla Johnson via Wikimedia Commons
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