Updated: December 3, 2021 5:02:45 pm
American rapper Armando Christian Pérez aka Pitbull is stepping into the world of non fungible tokens (NFTs) . The 40-year-old singer has reportedly signed a “multiyear deal” with music oriented NFT platform OneOf, to facilitate the NFT sale and purchase. The platform is diversifying its artist portfolio and it has deals with artists of all genres.
According to a report by Coindesk, the deal will see Pitbull evangelize for OneOf, though he could soon launch his own NFTs.
NFTs enable users to own rare digital artefacts through the blockchain network that backs cryptocurrencies. All forms of art, tweets, music, GIFs, and more such digital assets can be owned through NFTs.
Earlier, in November, the Grammy awards announced its partnership with OneOf. Digital collectibles will be inspired by award winners and nominees from the music industry. These NFTs will mark the 64th, 65th, and 66th editions of the awards.
More details on the NFT collection celebrating Grammy winners and nominees will be unveiled in January 2022. The Recording Academy in a public statement announced that a portion of the proceeds from the NFT sales will go to its scholarship fund.
Amitabh Bachchan’s recently launched NFTs which included his autographed vintage posters, a recital of his father’s famous poem Madhushala, were sold for roughly Rs 7.18 crore ($966,000). And bollywood fashion designer Manish Malhotra’s NFT series of 5 digital sketches was sold for roughly Rs 2.8 lakh.
It should be noted that people have spent over $9 billion in NFT sales so far—and total NFT sales are expected to reach $17.7 billion by the end of the year, according to a new research by Cointelegraph. The research states that sales of NFTs have grown from $41 million in 2018 to $2.5 billion in the first half of 2021, representing a 60-fold growth in three and a half years.