Tencent’s music streaming arm, QQ Music, has jumped on the non-fungible token bandwagon, selling out its first NFT featuring popular Mando-pop singer Tiger Hu over the weekend.
QQ Music, one of China’s most popular music entertainment platforms, intends to launch a slew of music NFTs. According to a special NFT page on QQ Music, all 1,983 publicly available copies of the NFTs featuring Hu’s song “Monk” were sold out over the weekend in a lottery that nearly 80,000 people signed up for.
Each NFT cost 199 yuan (US$30.70).
Tiger Hu, also known as Hu Yanbin, is a Chinese singer-songwriter and music producer who is best known for his R&B songs. He is 38 years old. The NFT was created from a demo version of his song “Monk,” which was released in 2001.
This is not Tencent’s first attempt to enter the NFT market. Earlier this month, the tech behemoth Huanhe launched an NFT trading platform based on the company’s own Zhixin chain. According to Tencent, its first sale included 300 audio NFTs based on the well-known Chinese talk show “Shisanyao,” which were set to sell for 18 yuan each.
Affiliate of Alibaba Alipay, one of the country’s major payment apps, just last week rolled out NFT artworks designed as wallpapers for users’ payment code pages, with 80,000 copies of both editions sold out in a single day. That came on the heels of its successful June release of NFT art based on images of flying apsaras and sacred deer from the Caves of the Thousand Buddhas, or Mogao Cave, in the Chinese city of Dunhuang.
Taobao, a Chinese online shopping platform owned by Alibaba, sold NFTs at its annual shopping festival last month.