Entertainment

Singapore rapper Shigga Shay sells out 999 NFTs within 4 minutes

SINGAPORE – Home-grown rapper Shigga Shay sold all 999 artworks from his debut non-fungible token (NFT) collection, Spacebars, within four minutes after they were released on April 13.

Each NFT was sold for US$40 (S$54) through crypto-currency exchange Crypto.com, with total sales amounting to US$39,960. The value of the NFTs is expected to rise in the secondary market.

The animated artworks are based on the cover of his 365 EP released in 2020 and feature a cartoon version of the rapper as an astronaut. The accompanying music includes a rap verse he wrote specially for the collection.

NFTs can be anything from a drawing to a video clip, and ownership can be bought and sold on a decentralised digital ledger called a blockchain.

The Spacebars collection comprises three series, with each containing a different part of the rap verse.

The 29-year-old, whose real name is Pek Jin Shen, says he was surprised at the response. His music company Drink Entertainment says he is the first South-east Asian music artiste to sell out an NFT so quickly.

The rapper says in a statement: “NFTs are going to change everything about the way the world works. I’m just excited to be exploring the possibilities of how NFTs will change the music industry.

“The countless opportunities it creates for artists and musicians are remarkable. It’s an amazing tool to build community engagement, to reach and connect with your audience like never before.”

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