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The Weeknd Makes $2.9 Million on His First NFT Auction

The-Weeknd-Raises-Over-$2-Million-in-First-NFT-Auction
  • The Weeknd made $2.9 million from his first non-fungible token auction.
  • The collection features a previously unheard The Weeknd song.

Abel Tesfaye, the platinum-selling R&B artist, also known as The Weeknd, raised over $2.9 million from his first non-fungible token (NFT).

He sold the pieces through Gemini-owned Nifty Gateway, an NFT marketplace that sold tokenized work by some very well-known artists. 

In addition, the collection will be put together alongside visual artist Strange Loop Studios which at the same time, The Weeknd works to develop the creative direction. Also, the collection features a previously unheard The Weeknd song.

Moreover, the drop includes three open editions, two silent auctions, and two raffles. In fact, the cheapest pieces were priced at $100, while others sold to the highest bidders.  The open editions, which highlighted excerpts of The Weeknd’s unreleased track, raised $1.4 million in a 15-minute sale window.

Furthermore, the bidding worked for 24 hours and closed at $490,000 on Sunday evening. Simultaneously, the auction showstopper was a unique token of an animated video accompanied by the entire song. The auction made a total of $2.29 million, adding the open editions.

When he announced the drop, The Weeknd said:

I’ve always been looking for ways to innovate for fans and shift this archaic music biz, and seeing NFTs 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 will weave it into the music industry’s mechanics.

Moreover, The Weeknd has entered a growing list of artists who have recently acknowledged the NFT space’s growing momentum.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.