China’s Bestselling Musician Jay Chou To Auction His Classic Songs As NFTs
Jay Chou, one of the best-selling musical artists in China, has announced that he will be auctioning off one of his classic songs as an NFT. Chou also reveals that he has several NFT collaborations lined up for 2022. The artists’ previous NFT project, the PhantaBears recently rose to first in global NFT sales ranking on OpenSea, surpassing the popular Bored Apes Yacht Club (BAYC).
China’s most famous musician Jay Chou to release several NFT projects through 2022
Chinese music legend, Jay Chou, announced via Instagram that he would be auctioning off his classic song DEMO as an NFT. The auction will be carried out internationally by his record label, JVR Music Label.
The Taiwanese singer also adds that he is working on several more NFT projects alongside a new music album. One of these projects will see his very highly successful NFT project, the PhantaBears, be released in virtual reality (VR) format according to his announcement.
The PhantaBears NFTs, which was released on the first of January, quickly rose in popularity as the entire collection of 10,000 pieces sold out in a few hours. A few days later, the trading volume of the collection had reached 17,194.22 ETH (US$53.6 million), jumping 462.66% in a week. This placed it above BAYC in global trading volume ranking on OpenSea.
NFT Dominance rises in Asia while Cryptocurrencies take the back seat
The success of Chou’s NFT collection is not surprising as the Chinese market has been showing a strong liking for digital assets. The country, while being hostile to cryptocurrencies, has demonstrated a soft spot for NFTs and plans to regulate it separately. The Chinese government will even be backing NFT development according to reports.
Other Asian countries including the Philippines, Thailand, and Singapore are also adopting NFTs rapidly. A report stated that Southeast Asia saw the highest global adoption of NFTs in 2021. According to their data, the Philippines has the most NFT owners (32%) out of the 20 countries compared, followed by Thailand (27%), Malaysia (24%), the UAE (23%), and Vietnam (17%).
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