The NFT Space Seems To Be Attracting Popular Singer, The Weeknd

The NFT Space Seems To Be Attracting Popular Singer, The Weeknd

Non-fungible tokens (NFTs) have seemed to have taken the cryptocurrency world by a storm as the Blockchain space’s minor sector’s popularity continues to increase. Before now, Bitcoin and other altcoins use to be one of the most attractive digital assets in the cryptocurrency space. However, the NFT space’s rebirth, which is now generating interest amongst many outside the crypto space, is now making headlines in the crypto space. Popular RnB singer- Abel Tesfaye A.K.A The Weeknd seems to be one of the latest creatives that have been fascinated by the NFT space, as he tweeted to his followers about a new NFT-related song.

The Weeknd’s tweet does not point towards any direction

For the uninitiated, NFTs are unique digital assets that are non-physical and do not represent any form of ownership. The uniqueness of the digital asset is that they always take the form of any media and are mainly subject to bids that place the works in high value. The digital tokens are mostly encrypted on the Blockchain network and powered mainly by the Ethereum network. The NFT space has been at the center of many headlines, as the space’s rapid success is attracting many to it.

However, it seems the American singer, The Weeknd, is one of the latest creatives that will be showcasing his work in the space. In his tweet yesterday afternoon, the singer said he has a new song living in the NFT space, which is forthcoming. However, there is no confirmation on what his tweet means, as millions of his followers have continued to debate on the controversial tweet. The famous singer, not always far from controversy, is believed by some of his followers to be teasing around the space. However, if The Weeknd ever releases an NFT-themed song, as the tweet suggests, he will join a whole list of industry players who have their works in the NFT space.

NFT creatives will generate more revenue this year

Interests in the NFT space have continued to soar in the past few weeks, as many creatives have seen their works become a subject of attention within the Blockchain space. Most of the creatives flocking the NFT space are believed to be driven by the high revenue generated around the space. The success story of the NFT space is highlighted by a recently published data which confirms that the space had already generated $400 million this year alone. NFT digital marketplaces confirmed that last year, the space’s gross revenue was merely above $260 million.

The statement as mentioned above shows that the space had grown in numbers and is set to further see a plummet in fortune. Many digital artists like Beeple- who recently sold his digital piece for a whopping $69.25 million-are the NFT space’s biggest beneficiary. Many other creatives like PAK, CryptoPunks, and Grimes, have also continued to amass wealth off the space. However, should The Weeknd ever convert his work to an NFT, he will be joining musical artists like Akon, Mura Masa, Jacques Greene, and co. who have recently auctioned off their works as NFTs.