Legendary Musician Jay Chou Jumps Into NFT world Auctioning His Classic Song

The best-selling singer-songwriter who hails from Taiwan but is Chinese, Jay Chou, has announced that one of his classic songs would be auctioned off as an NFT. Chou also adds that he is planning numerous NFT collaborations for 2022. 

Jay Chou to release multiple NFT projects this year

Jay Chou revealed on Instagram that his legendary song DEMO would be auctioned off as an NFT. His record label, JVR Music Label, will handle the auction on a global scale.

Along with a new music album, the Taiwanese singer says he’s working on numerous other NFT projects. According to his announcement, one of these initiatives will see his hugely successful NFT product, the PhantaBears, launched in virtual reality (VR) format.

The PhantaBears NFTs, the artists’ earlier NFT project, which was released on January 1st, soon became popular, with the entire 10,000-piece collection selling out in just a few hours. A few days later, the collection’s trade volume had risen 462.66% in a week to 17,194.22 ETH (US$53.6 million). The PhantaBears just surpassed the popular Bored Apes Yacht Club (BAYC) in the global NFT sales ranking on OpenSea.

Not only Jay Chou, but many music artists, including Snoop Dogg, are following the NFT craze. The Sandbox recently partnered with Warner Music Group to release musical LAND.

Asia is witnessing growing NFT dominance, while crypto takes a back seat

Jay Chou’s NFT collection’s success is unsurprising, given the Chinese market’s strong preference for digital goods. While it is hostile to cryptocurrencies, the country has shown a soft spot for NFTs and aims to regulate them independently. According to sources, the Chinese government will even support the development of NFTs.

Other Asian nations, such as the Philippines, Thailand, India, and Singapore, are rapidly adopting NFTs. Southeast Asia has the largest global adoption of NFTs in 2021, according to a report. According to their research, the Philippines has the highest percentage of NFT owners (32%), followed by Thailand (27%), Malaysia (24%), the United Arab Emirates (23%), and Vietnam (17%).