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Katy Perry to drop NFT collection later this year

Pop music star Katy Perry announced Wednesday that she’s dropping a non-fungible token (NFT) collection, as well as her purchase of a minority stake in Theta Labs, a firm focused on decentralizing peer-to-peer video streaming using blockchain technology. 

According to a Theta Labs release, Perry’s collaboration with Theta Network involves the sale of digital collectibles derived from her approaching “Play” residency in Las Vegas this December.

Excited & 👀curious👀 to be launching my FIRST ever #NFTs later this year w/ @Theta_Network. Look out for memorable & creative moments from my 🍄 residency 🍄 that’s both a digital collectible AND an IRL experience 😱TANGIBLE😱 Pre-register for more info! //t.co/kiEwPLZH4T pic.twitter.com/uYNhpDW8oy

— KATY PERRY (@katyperry) June 30, 2021

The actual sale of the NFTs likely will begin in Q4 of this year, according to Theta Network’s NFT platform ThetaDrop. 

While the carbon footprint of NFTs has been hotly debated due to the energy consumption of the proof-of-work-based Ethereum network, the Theta protocol’s blockchain uses a proof-of-stake model that aims to mitigate energy usage. 

“Look out for memorable & creative moments from my residency that’s both a digital collectible AND an IRL experience,” Perry wrote on Twitter.

Perry’s not the only star to drop an NFT this year. The boxer Floyd Mayweather launched an NFT collection in late May, and the rapper Jay-Z has shown his support too — especially in the acquisition of his music streaming platform Tidal. However, Perry’s financial stake in Theta Labs suggests the music star may be eyeing future projects involving blockchain. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Katy Perry to drop NFT collection later this year

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