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And Finally Artist News Business News Deals Digital Live Business
Katy Perry takes stake in NFT company, launches NFTs to promote Vegas residency
By Andy Malt | Published on Thursday 1 July 2021
Katy Perry is getting in on the buzzy, if slightly pointless, world of NFTs, releasing a load of “digital collectibles” and also investing in the company managing her non-fungible token sale, Theta Network.
The NFTs will provide certificates of ownership for various pieces of content from Perry’s upcoming ‘Play’ residency in Las Vegas. Exactly what those pieces of content will be is yet to be announced, but you can be assured that paying to have something stamped into the blockchain saying that you have access to said content will be a complete waste of money.
“I’m both excited and curious to be launching my first ever NFTs later this year with Theta Network”, says Perry. “This is a new, unique opportunity to connect with my fans around the world even if they aren’t with me in Las Vegas. I can’t wait to dive in with the Theta team on all the exciting and memorable creative pieces, so my fans can own a special moment of my residency that’s both a digital collectible as well as an IRL experience”.
Perry, alongside her talent agency CAA, have taken a minority stake in Theta Network, yet another investment in this utterly stupid craze.
Says Theta co-founder and CEO Mitch Liu: “Working with a global icon like Katy Perry over the next year marks an important inflection point in Theta Network’s history and a big step towards global adoption of Theta blockchain. With the help of CAA and Katy’s management team, we’re charting a course towards reaching well beyond crypto enthusiasts to millions of music, media and entertainment fans around the world. In the end, we see this as an important milestone towards a million daily transactions on the Theta network”.
A million transactions a day! Come on now. Surely this bubble will burst before then. Also, that many transactions every day sounds like it would pretty bad for the environment, given the immense amount of energy used by minting and selling NFTs on the blockchain.
Actually, Theta claims that it is more environmentally-friendly than other blockchain networks, using far less energy than rivals to do something that has absolutely no point. It is built on the so called ‘proof-of-stake model’ that people who incorrectly think NFTs are a thing that should exist often tout as less energy-hungry. In fact, Theta reckons its system is 100 times faster than Ethereum, where most NFT transactions generally take place, while using only a fraction of the electricity.
It also reckons that it has “decentralised NFT storage enabling users to truly own and take custody of their NFTs”. So that’s just great. Who wouldn’t want to truly own something they thought they already owned that isn’t really even a thing anyway?
