British-Ghanaian act Eugy announces collabo NFT for new single

15 Oct 2021 - 14:57

British-Ghanaian Afrobeats singer Eugy, alongside the Marathon Music Group, has partnered with music platform Serenade to release a non-fungible token (NFT) for his recent single ‘My Touch’.

Eugy.

Eugy is best known for his 2016 hit single ‘Dance For Me’ featuring Mr Eazi. The new project aims to mint and sell one NFT, which will allow a lucky bidder to feature on a remixed version of the song, to be released via Crux Global/ Moves Recordings and titled ‘Your Touch’. Fans have until 19 October to make their bids via this link.

The full package will be unlocked once ‘My Touch’ surpasses 15 million streams across all major digital platforms. Since its release, ‘My Touch’ has amassed more than 11 million streams and has been reworked by artists such as Medikal, Kwesi Arthur, Busy Signal, Cauty and Chivv.

After the NFT is unlocked, the owner will have six months to contact the label. The owner will also get the opportunity to participate in 30-minute Zoom session with Eugy and his creative team, to discuss the creative direction of ‘Your Touch’. The owner will then create a verse for the official remix of the record. The successful bidder will own a 25% share and revenue split in the new version of the track, via a direct agreement with Moves.

“I wanted to sell an NFT to give someone who could be an aspiring artist, or a label or platform with clients or artists on their roster, the opportunity to jump on a record with me in a completely new way,” Eugy said. “I have always been about collaboration and sharing my musical knowledge with people, and saw this as another way to do that.

“I am also always open to trying new things, and selling an NFT is something I have never done before. I have heard a lot about them, so when it was mentioned to me I jumped at the opportunity to get involved.”

In recent months, NFTs have grown in popularity and become a preferred digital investment option for musicians, who say the medium offers better security and eliminates intermediaries. In June, NFT and digital collectables marketplace Binance announced rapper MI Abaga in its 100 Creators programme, which saw the artist launch a five-article NFT collection on the platform.

Speaking to Music In Africa recently, Binance’s business development manager for Africa, Brenton Naicker, attributed the growing popularity of NFTs and crypto on the continent to challenges like currency devaluation. “Crypto gives people a way to preserve the purchasing power that they have earned for years without all the wild fluctuations,” he said.