The Weeknd is the most recent pop sensation to use NFT technology to release new music. His debut collection brought in $2.29 million.
Abel Tesfaye recently earned $2.29 million as a result of his partnership with Nifty Gateway.
The Weeknd Is Transformed Into A Token
Abel Tesfaye, best known as The Weeknd, is a platinum-selling R&B artist who just made $2.29 million from his first NFT collection.
He sold the pieces via the Nifty Gateway, an NFT market, recently sold by Token Calvin Harris, Steve Aoki and Grimes, etc. The collection was created together with Strange Loop Studios, a visual artist who worked with The Weeknd to develop the creative direction. A previously unheard The Weeknd song was included in the collection.
Three open editions, two quiet auctions and two rifles were included. The cheapest items were sold to the highest bidders for $100. The open editions, featured in a 15-minute sales window excerpt of the unreleased track The Weeknd, raised $1.4 million.
The showstopper at the auction was a unique token of the whole song of an animated video. 24 hours bidding went by and on Sunday night closed at $490,000. A total of $2.29 million was added to the open editions of the auction.
The Weeknd told him when he announced the drop:
“I’ve always been looking for ways to innovate for fans and shift this archaic music biz and seeing NFTs allowing creators to be seen and heard more than ever before on their terms is profoundly exciting. I intend to contribute to this movement and can see that very soon it will be weaved into the music industry’s mechanics.”
Criticship by NFTs
Some fans reacted negatively to The Weeknd’s use of NFTs, as they did to several other artists who have recently used them to release music. Many of blockchain technology’s loudest opponents have made allegations about the technology’s environmental effects, relying on misleading estimates and no reliable evidence to back up their claims. Critics have also criticized the NFT market for being speculative, accusing some artists of profiting from their fans.
Although some of the bigger artists attracted by the space probably did not need any extra income, NFT artists with smaller fanbases could greatly benefit. Due to the low royalty fees paid by streaming music, many lesser-known musicians depend on their touring income. NFTs can change that with smart contracts allowing creators, rather than waiting for a cut by other intermediaries, to sell their work directly to fans. These intelligent agreements can also be scheduled for the repayment of a part of income each time an NFT is resold, as is the norm for the Nifty Gateway.
“NFT,” which means they’re interchangeable, is a non-fungible token. The two assets do not differ from each other when someone trades one of the Bitcoins for another. Each part is different with NFTs. More than one edition of the same NFT, as the open editions The Weeknd released, can be printed. The difference is in the data collected for each piece on the blockchain. These information are the heart of an NFT: this proves the owner of a piece of music and the lack of an asset.
NFTs are mainly driven by Ethereum, which is one of the reasons for the space’s skepticism. Ethereum employs proof-of-work, a consensus algorithm that, due to its dependence on computing resources, has a significant environmental impact. However, the smart contract blockchain will soon transition to proof-of-stake, lowering its carbon footprint dramatically.
The Weeknd joined a growling list of artists who recently took advantage of the increasing momentum of this NFT area with the weekend sale. Weeknd has received three Grammy awards, performed halfway through the Super Bowl show and worked with stars such as Drake and Daft Punk. He has sold millions of records worldwide since he appeared on the pop scene in 2012. His individual hits include ‘Starboy,’ ‘Can’t Feel My Face.’