The NFTs are priced at $100 each and can be resold in secondary places. They are exclusively available to American Express members only.
American Express has launched a line of NFT via collaboration with SZA, a musician which is available and can be purchased by the American Express cardholders.
Each of the tokens is a single limited edition and is 14 in total, all equally priced at $100. These NFTs can also be resold in secondary marketplaces. The collaboration has been named Amex UNSTAGED x SZA: The Collection and has already been receiving positive responses from general people.
American Express Launches New NFT Line in collaboration with Singer-Musician SZA
The NFTs launched is a single edition released with 14 different SZA collectibles and are priced at $100 each. American Express was successfully able to launch 10 NFTs on Friday during the concert, and the entire collection was inaugurated later to the rest of American Express cardholders.
The American Express-SZA NFTs have been produced by Fanaply, which are also licensed NFT partners of NASCAR, Death Row Records, entertainer Trevor Noah and more. Fanaply adopts an environment-friendly method to mint their NFTs using two layers on top of ethereum, which works effectively well to lower the gas fees and minimizes the interaction of the NFT with blockchain to a certain extent.
The NFT association is a successful endeavor of American express to explore potential clients and seek new ways to retain customers and introduce novel ways of generating trades and increase user interaction. According to Luke Gebb, head of digital labs at American Express, American Express wants to explore the perks and advantages of digital trade avenues to seek more momentum and durability in the business.
NFTs have grown exponentially in popularity and have been adopted by many promising musicians to generate additional revenue such as Kings of Leon, Snoop Dogg, The Weeknd, Weezer, and Grimes. NFTs are non-fungible tokens that can be associated with any sort of item or merchandise such as artwork, video clips, animated GIFs, tweets, and even original compositions and music. These tokens can also be linked to special edition NFT album versions and unreleased music for fans to generate some additional revenue.
American Express has been seeking an active involvement in the NFT business realizing the potential and promising revenue that the sector holds within itself. The company has now adopted a unique way to explore their customers and adopt digital avenues at the same time to amass profits and gains.
The NFT market has grown immensely popular with the masses generating approximately $2.5 billion in trading volume earlier this year and are expected to seek a stable rise if they follow the current success graph to restore price equilibrium.
Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.