The Weeknd is breaking into crypto currency's latest big trend and has released a new single "The Source" as a non-fungible token. The artist auctioned off his first NFT collection today and of course, it quickly grabbed the world's attention. NFTs can be summed up as crypto assets that are tied to digital art. The 1 of 1 song and digital artwork are reproducible. Though it's been bought, fans can still listen to the song and view the cover art.
The single is a part of a collection, entitled Acephalous. The collection includes eight pieces: "The Source" full song and accompanying digital artwork as well as several other edits and cuts of the song that also have their own artwork.
"Blockchain is democratizing an industry that has historically been kept shut by the gatekeepers," The Weeknd said in a statement announcing his auction. "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. I intend to contribute to this movement and can see that very soon it will be weaved into the music industry's mechanics."
NFTs surfaced on the scene as a wildly popular craze after an auction that featured the artwork of British street artist Banksy went viral in February 2021. In the purchase, a blockchain firm bought the item for $95,000, only for it to be burned in a live-streamed video. The company created a digital copy of the piece and resold it as an NFT for $380,000. The move has ignited a spark in the art world that's expanded into other industries as well –– even musicians and footwear companies are trying to find a way to test the crypto-currency waters.
In March, the Kings of Leon announced the band would release their album When You See Yourself as an NFT as a move to bring more value to musical projects. "Over the last 20 years – two lost decades – we've seen the devaluation of music," YellowHeart's chief executive, Josh Katz, told Rolling Stone. "It's early stages, but in the future, I think this will be how people release their tracks. When they sell 100,000 at a dollar each, then they just made $100,000."