• iHeartMedia is planning an NFT giveaway in advance of a major music festival

  • iHeartMedia plans to distribute free nonfungible tokens, or NFTs, in collaboration with sustainable NFT platform OneOf — a campaign that could introduce more music fans to digital collectibles.

    The campaign’s goal is to raise awareness of the 2021 iHeartRadio Music Festival, which will take place in Las Vegas on September 17-18. Users can claim one free NFT “poker chip” directly on the OneOf platform starting on Tuesday. Up to 1 million tokens can be claimed until September 14. Users who complete the set will be eligible for a limited edition NFT by artist Cory Van Lew. Van Lew is the digital artist behind Mike Tyson’s NFT collection.

    Lew’s NFT release date is set for September 14 and will reflect OneOf’s ethos of “Artist First,” “For All Fans,” and “Eco-Responsible.” According to the companies, collectibles in the higher NFT tiers include digital autographs from festival performers. Fans can obtain these NFTs by making a donation, with 100% of the proceeds benefiting United Nations-backed climate change initiatives.

    Although the companies did not specify which artists had their signatures included in the NFT collection, the festival features performances by Billie Eilish, Coldplay, J. Cole, Khalid, Maroon 5, and many more.

    OneOf raised $63 million in May to support its so-called green NFT platform, which is aimed at musicians and other artists. The Tezos-powered platform is a marketplace for artists and fans to mint, buy, and sell digital collectibles.

    The iHeartRadio Music Festival will focus on the NFT market, which continues to attract influencers, mega corporations, and high-profile investors. NFT sales reached $2.5 billion in the first half of 2021; if current trends continue, the market could easily exceed that total in the second half of 2021. Consider the following example: NFT sales approached $900 million in August, more than tripling the previous monthly high of $255 million set in May.

    Although the CryptoPunks collection has received a lot of attention in recent months, digital collectibles in other niches are also attracting a lot of money. Pet rock NFTs based on Ethereum have sold millions of units, with the most expensive item in the collection fetching a resale price of $1.9 billion.

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