The singer took to Twitter to announce that he plans to drop a new song as an NFT (non-fungible token). This would mark The Weeknd’s first foray into the booming world of blockchain technology that has sparked an investment craze in art, entertainment, and media.
NFTs are specialized tokens associated with a digital asset that is auctioned off. It comes with unique proof of ownership and is designed to give you something that can’t be replicated.
Many artists have been releasing NFTs including Lil Yachty, Tory Lanez, Post Malone, and Ja Rule. Bhad Bhabie is selling her “Cash Me Outside” meme as an NFT, while Azealia Banks sold an audio sextape for around $18,000.
Some NFTs are fetching millions of dollars. Twitter CEO Jack Dorsey auctioned off his tweet from March 2006 for $2.9 million, while Tesla CEO Elon Musk turned down a $1 million offer to buy his tweet as an NFT.
Just last week, The Weeknd celebrated the 10th anniversary of his debut mixtape House of Balloons by releasing the original version to all streaming services.