The Weeknd is one of the latest artists to join in on the music industry’s latest market: NFTs. The musician will be auctioning off an exclusive collection of music and artwork hosted on Nifty Gateway in a limited auction being held on April 3 at 2 p.m. ET.
Interested buyers will be able to join the flash sale where three visual artworks will be auctioned off. Each piece of art, created in collaboration with Strange Loop Studios, contains a filtered segment of a new song from The Weeknd, and participants can purchase any amount of the artworks during the limited time they are available.
Following the full collection auction, a 24-hour auction will be held where buyers can place their bids to unlock the full song, without the limitations of any filters. The Weeknd will not release the song on streaming platforms or in any other form in the future, so the winner will be the sole person to hear 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,” The Weeknd said in a statement. “I intend to contribute to this movement and can see that very soon it will be weaved into the music industry’s mechanics.”
Duncan Cock-Foster, co-founder of Nifty Gateway, has said that “The Weeknd’s entry into the NFT space marks a seminal moment in NFT history.”
“One of the most influential R&B singers of our generation creating in this new medium is huge validation for the entire NFT space.” he added. “We’re thrilled to present this unique, beautiful collection to the world.”