The Weeknd Releases First NFT Drop

The Weeknd’s Strategic New Music Release Predicts an Increase in NFT Use in the Music Industry.

Award winning artist, The Weeknd released his first NFT (non-fungible token) drop on April 3rd, contributing to the rising movement of this new technology. NFTs are unique digital items, often different forms of art or creative work that buyers can collect and sell. The Weeknd’s drop included his new single ‘The Source’ along with limited-edition artwork, raising him over $2 million in his first auction.

Although The Weeknd is not the first in the music industry to release his work in NFT form, his fame and previous success spread awareness about this movement. NFTs allow artists an opportunity to promote their work in a new and innovative way, potentially allowing them to expand their audiences as well. By making his work more exclusive in this manner, The Weeknd will likely encourage more people to check out his music. If someone is willing to purchase it along with his art for $2 million, the public will assume it must be good.

After not receiving the expected recognition from the Recording Academy for his recent album ‘After Hours’ and record hit song ‘Blinding Lights’, getting into the business of NFTs is a smart move for The Weeknd. He said that NFTs are “allowing creators to be seen and hear more than ever before on their terms,” providing him with more control over his music and the recognition it gets. It is likely that many other artists will follow this step, leading to more experimentation with digital blockchain assets in the music industry.