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The Weeknd's new track: What is an NFT song? Album in cryptocurrency slammed as a 'scam to fool and profit from'

'They're only buying something they think they can flip to a greater fool and profit from. The entire NFT system is a big joke,' a user commented

After dropping his ‘House Of Balloons’ mixtape recently in its original form to mark the 10th anniversary of its initial release, The Weeknd is now all set to drop new music for his fans. The ‘Save Your Tears’ hitmaker most recently took to his official Twitter account to share the big news about his upcoming project.

However, there is a little twist in the tale as the 31-year-old crooner will be releasing his new single in the NFT space. The news left the social media users befuddled as many slammed the award-winning singer for ruining the environment. This won’t be the first time an artist will be dropping music via NFTs as musicians like Kings Of Leon, Gorillaz, Halsey, and even Banksy and Elon Musk have taken the advantage of the digital token.
 
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What did The Weeknd exactly say?

Revealing his new project with his close to 15 million followers on Twitter, the Toronto native posted, “New song living in NFT space. coming soon...”  The news comes a few days after he dropped the special edition of House Of Balloons’ mixtape as mentioned earlier.  The mixtape first hit the Internet in 2011 and featured samples from Cocteau Twins, Beach House, Aaliyah, and more.  The Weeknd had also dropped his fourth album ‘After Hours’ in 2020 which got thumbs up from both the audiences as well as the critics. However, he had slammed the Grammys for not giving him a single nod for the same.

What is an NFT?

As The Weeknd announced his new project via NFT, many bewildered fans rushed to Twitter to ask what is it all about. NFT has been around for years where a lot of artistes have made serious money on digital artworks. They have recently gained a lot of hype. Investopedia defines NFTs as,  “Non-fungible tokens or NFTs are cryptographic assets on blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.” In simple words, an NFT cannot be replaced with something else. A bitcoin can be traded for another bitcoin, however, an NFT is non-fungible. 

‘The Weeknd sucks for dropping an NFT’

The Weeknd announcing his new project via an NFT led to chaos on Twitter. A majority of social media users slammed the singer for doing taking the new route. One furious user posted, “The Weeknd sucks for dropping an NFT. i hope some of y’all take this opportunity to read an article or two about how much damage these things are doing just for someone to buy an “original copy” of a png/gif or mp3. its a really bad trend to see starting in music & art overall.” Another stated, “We must abolish nft why are such good artists even using it like the weeknd and halsey and gorillaz WHAT good does this do?”

One user slammed the singer and tweeted, “Not the weeknd too, this nft s**t is so dumb.” The next one tried explaining the reason behind The Weeknd’s decision to drop a song via NFT and said, “It's NFT basically artists are now making songs /albums in Cryptocurrency (NFT) they can sell, make more profit off it etc we'd still be able to commercially listen on apple music, Spotify etc it's just the value of the product is more valuable that way.” One shared, “Anybody who buys a NFT is a scammer because they're not buying something they can actually use. They're only buying something they think they can flip to a greater fool and profit from. The entire NFT system is a big joke.” Another user concluded, “Completely ruining the environment one song at a time. but who cares abt the earth when u get to gain a couple bucks from it.”