American Express Enters NFT Market With Collaboration With Musician SZA
American Express (Amex) has announced its debut into the world of non-fungible tokens (NFTs) in partnership with popular musician SZA.
American Express Unveils 14 SZA Collectibles
Amex's credit cardholders now have the chance to buy 14 digital images from the collection dubbed “Amex UNSTAGED x SZA.”
The images were inspired by different moments of SZA's performance at a company-sponsored event in June. The NFTs will be sold on the Ethereum blockchain at a fixed price of $100 each.
While attendees of the event already purchased 10 out of the 14 NFTs, the remaining four are available exclusively to American Express cardholders only.
The Amex SZA NFTs are produced by Fanaply, a firm that specializes in creating digital collectibles. Fanaply uses a layer-2 solution on Ethereum to mint environmentally friendly NFTs, thereby lowering gas fees and interaction with the proof-of-work blockchain.
NFTs are unique assets bought and sold like most assets but are cryptographically secured in the blockchain network. They can be linked to all sorts of items, including video clips, animated GIFs, still images, tweets, and even original music compositions.
With this new release, SZA becomes the latest musician to associate with NFTs. Several popular musicians have sold art, special edition NFT album versions, and unreleased music to generate additional revenue.
Rapper and crypto enthusiast Snoop Dogg previously released a collection of NFTs. The NFT collection, titled “A Journey With The Dogg,” which includes original tracks from Snoop and artworks inspired by Snoop's life, dropped on April 2, 2021.
Also, in April, Eminem partnered with Nifty Gateway to release his NFT. The rapper released three NFTs of high-quality animations with an original beat alongside digital comics and action figures. They were released at his Shady Con event.
Other artists that have launched NFTs include Kings of Leon, The Weekend, Weezer, and Grimes.
Credit Card Firms Exploring Blockchain Technology
Major credit card firms seem to be bullish on cryptocurrencies and blockchain technology as they continue to seek more ways to harness the sector.
MasterCard partnered with crypto exchange Gemini to launch crypto rewards credit cards. The card features a 3% cash back on purchases in Bitcoin and other cryptocurrencies available on Gemini.
VISA is another major credit card firm that has grown a strong presence in the cryptocurrency scene. Having partnered with over 50 firms to launch credit cards, the firm is rapidly expanding the adoption of digital currencies.