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.
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.
Post-trade in capital markets today operates primarily based on provision of balance-sheet to off-set counterparty risk, either directly or indirectly, via settlement agents, CCPs and CSDs etc. The issues with this ‘hub and spoke’ model are well known, including the resulting massive duplication of data, bifurcated processes, concentration of risk and subsequent deployment of capital and resources that could be better utilized.
On this episode of The Scoop, eToro's newly appointed US lead Lule Demmissie explained why she doesn't see retail's newfound presence in the market subsiding anytime soon and how eToro plans to capitalize on growing the business across cryptocurrencies and stock trading.