Published: 01:56 EDT, 29 March 2021 | Updated: 03:19 EDT, 29 March 2021
Lindsay Lohan said she’s preparing to enter the NFT (non-fungible token) market with a new single titled Lullaby.
‘I am about to launch my next Single “Lullaby” as an #NFT in a couple hours on fansforever.io,’ the 33-year-old actress and singer said Saturday on Instagram.
The Mean Girls star said that ‘this is a genesis piece and history in the making!’ adding the hashtags #firstever, #women and #letsgetit.
The latest: Lindsay Lohan said she’s preparing to enter the NFT (non-fungible token) market with a new single titled Lullaby
She added a moving frame of artwork with a musical background to the post.
Lohan, speaking Friday with Forbes, predicted the latest currency trend will make a major impact in entertainment industry. (NFTs enable purchasers to own a digital property via a token on a blockchain.)
‘It’s only a matter of time till everyone in Hollywood and beyond gets involved,’ Lohan said. ‘Maybe we will see the tokenization of movies, and of how artists are paid for their films, music and art. I see a future where crypto, NFTs and blockchain will be the norm, rather than the exception.’
The Canyons actress said that the cryptocurrency will be an essential hub for the creative community.
The actress and singer took to Instagram Saturday to announce her latest move
The Canyons actress, snapped in 2019, said that the cryptocurrency will be an essential hub for the creative community
Lohan predicted the latest currency trend will make a major impact in entertainment industry
‘Tokenization through NFTs can help content creators and musicians actually own the property rights for what they create, and allow them to profit accordingly,’ she said. ‘Gamers, for instance, spend hundreds of dollars on games like Fortnite: tokenization allows them to sell or trade their investment of time and money, and that’s something to be excited about in my opinion.’
The Sick Note star told the outlet that she didn’t have ‘a deep understanding of how [cryptocurrency] worked’ but has come around to be a big fan of the burgeoning movement.
‘Most of us had heard the word bitcoin, or the term blockchain, but there wasn’t much knowledge on the subject,’ the Confessions of a Teenage Drama Queen actress said. ‘As I began to learn more and get more involved, I quickly realized that my community could benefit from crypto and that I could inform a large segment of society that wasn’t involved in the blockchain space and introduce them to it.’
She said that tokenization will also improve current conditions in show business where it comes to royalties, which she said ‘is not the most seamless’ as ‘there are multiple parties involved and many moving parts.
‘With tokenization, the process is transferred onto the blockchain in such a way that every time the art, music, movie, etc., is used or shared, the artist would automatically receive royalties. I think it’s a great way to bridge the gap between the consumer and artist.’