Grammy Award-winner The Weeknd is entering the wild world of non-fungible tokens (NFTs).
His new collection, which features new music and limited edition artwork, will be available in an auction at 2:00 p.m. EST this Saturday. The NFTs can be bought with Ethereum (ETH).
NFTs use crypto technology to assign unique identification codes and metadata to digital art such as images and songs, essentially providing digital certificates of ownership.
In a press release, Abel Tesfaye (The Weeknd) says he sees big potential in the emerging blockchain and crypto asset industry.
“Blockchain is democratizing an industry that has historically been kept shut by the gatekeepers.”
The collection will be listed at Nifty Gateway, where The Weeknd will auction a total of four NFTs. Three will be a combination of previously unreleased filtered song clips and visual artwork, created in partnership with Strangeloop Studios.
An unlimited amount of these works will be available until the purchasing limit expires.
The fourth, a single unique art piece accompanied by the full, unfiltered new song, will be offered in a 24-hour auction.
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