Although crypto markets have been dipping recently, the world of blockchain and Web3 is still poised to transform fan experiences, both digitally and at live events. Web3 companies have been investing heavily in the live entertainment space to bolster brand recognition and connections with fans, as evidenced by many recent activations and sponsorships by crypto brands, including Crypto.com’s recent high-profile deal to take over the naming rights of the Staples Center for the next 20 years.
Popular crypto exchange platform Binance has taken another approach as the official sponsor of the Weeknd’s upcoming After Hours Til Dawn tour, which kicks off on July 8th in Toronto. According to Binance, this will be “the first global concert tour to integrate Web 3.0 technology for an enhanced fan experience.”
The crypto company will be collaborating with Toronto-based community incubator HXOUSE to release an exclusive NFT collection as well as co-branded merch for The Weeknd’s tour. Fans’ virtual ticket stubs will also provide them access to special commemorative NFTs, which are becoming increasingly popular across events as a way to collect proof that they attended events and have a keepsake by which to remember them.
The company also notes that these NFTs will provide unique experiences for fans but did not provide more specific details. Based on what other artists are doing with similar NFT activations, these experiences may include meet and greets, VIP access to certain shows, or exclusive digital content.
Binance and The Weeknd will be creating yet another NFT collection to benefit The Weeknd’s XO Humanitarian Fund (which supports the UN World Food Programme), with 5 percent of sales of this collection going to the fund.
A recent study by UTA found that a large proportion of consumers are interested in NFTs but still don’t know how to go about purchasing one or what to do with them. These types of high-profile sponsorships with crypto companies will likely become more common as a way to help bridge these gaps with consumers. It will be interesting to see what other Web3 activations and integrations Binance brings to the table for this tour.
Fans can look out for more information on The Weeknd’s NFT collections to be released in the coming weeks as the tour kicks off.