Binance crypto exchange in partnership with popular musician The Weeknd will launch the world’s first web3 and crypto-powered tour.
Binance and The Weeknd announced today that the cryptocurrency exchange will support the artist’s After Hours ‘Til Dawn international tour, which will kick off in July in the United States and Canada.
According to a Binance announcement, it will be the first global concert tour to use Web3 technology for fan interactions, and it will be a “crypto-powered tour.”
Binance will collaborate with the HXOUSE community incubator in Toronto to create an NFT collection for the tour, as well as co-branded products. Concert attendees will also receive a digital ticket stub that can be exchanged for commemorative NFTs.
Binance will donate $2 million as part of the relationship to The Weeknd’s XO Humanitarian Fund, which he established earlier this year as a United Nations World Food Programme (WFP) Global Goodwill Ambassador. The Weeknd and Binance will also collaborate on more NFTs, with 5% of all NFT sales going to the fund.
Binance is the world’s largest cryptocurrency exchange in terms of trading volume, and it also runs an NFT marketplace.
An NFT is a proof-of-ownership token that’s commonly used for digital products like artwork and collectibles. In 2021, the NFT market reached a trading volume of $25 billion.
About The Weekend
The Weekend (born Abel Tesfaye) made his NFT debut in April 2021, when he released artwork through the Nifty Gateway portal.
He joined the board of directors of Autograph, an NFT platform co-founded by NFL great Tom Brady, in October of last year, and has since issued his own Ethereum NFTs through it.
Everyrealm, a company that invests in and develops virtual NFT land holdings in metaverse video games like The Sandbox and Decentraland, was also acquired by The Weekend.