Canadian musician The Weeknd has announced that he will release an NFT that includes music and art on Nifty Gateway.
Canadian musician The Weeknd is the latest to enter the NFT market. He announced on March 31 that he was releasing an NFT on the Nifty Gateway platform.
The NFT, which includes new music and limited edition art, will be up for sale on April 3. The artwork was developed by Strange Loop Studios.
The musician teased the release of an NFT a few days prior to the official announcement. The tweet comes with a 15-second video displaying The Weeknd and Strange Loop names on a cloudy, red background. No other information has been made available, which could happen closer to the auction date.
Born Abel Tesfaye, The Weeknd is not the first musician to be putting up an NFT. Grimes, Canadian musician and partner of Elon Musk, as well as Ja Rule, have also engaged with these new assets. The former sold hers for $5 million while Ja Rule sold artwork associated with the failed Fyre Festival.
The value of NFTs are highlighted via the fact that the new music will be unavailable on other platforms. Only the exclusive holder of the NFT will have access to the music. This could potentially lead to a much higher resale value, as art generally becomes more valuable with time.
Nifty Gateway, the chosen platform, is fast becoming one of the go-to platforms for the launch of NFTs. This was the same marketplace that Beeple recently sold an NFT, raising $6 million for charity.
NFT Popularity Does Not Seem to be Relenting
The popularity of NFTs continues to surge, with more high-profile names and industries taking to the new type of asset. It has particular value in domains where fans will clamor after a rare item — like sports and video games.
The arrival of big names like The Weeknd has helped bring it to the mainstream. It has reached the point where it has overtaken DeFi in terms of mainstream adoption. This is unsurprising, as NFTs are far simpler to understand than the still quite obtuse DeFi market.
Furthermore, it is beginning to find a place in other forms of art as well. Just yesterday, news broke that N. E. Carlisle’s novel Mermaid Eclipse would be released as an NFT.