The largest cryptocurrency exchange in the world, Binance, is partnering with Canadian musician The Weeknd for his After Hours Til Dawn tour that begins on the 8th July in Toronto. The tour marks the first global concert that will integrate Web3 technology.
Binance will act as the tour’s official sponsor and, in collaboration with The Weeknd’s creative incubator HXOUSE, will produce exclusive NFTs and co-branded merchandise for the tour.
“Binance is all about the community, about people, about inclusion. I was impressed by their focus on users and innovative edge,” said The Weeknd. “It made perfect sense to work together and I can’t wait for fans to experience crypto within a creative avenue while supporting a good cause. There are so many possibilities with crypto and I think this is just the beginning.”
The Weeknd’s XO Humanitarian Fund is also benefiting from the sponsorship. Currently partnering with the United Nations World Food Program, the fund will receive $2 million from Binance and five per cent of sales from the exclusively designed NFTs commemorating the collaboration.
“The goal with this fund is to provide immediate life-saving support to people who are on the brink of starvation. I’m so thankful to have WFP as a partner and to further expand our reach to those who need it most,” The Weeknd shared at the time of launching in March.
On the launch of the fund, he donated $500,000 and committed to donating $1 from every concert ticket sold in North America. The World Food Programme donated an additional $1 million to the fund.
On the crypto-powered partnership between the two industry behemoths, Hedge Trust, which caters to institutions, corporations, and high net-worth individuals in deals such as this, said through their CEO, Eric Zhou, “Crypto has been hit pretty hard over the past little while. Investor confidence has taken a knock and I think it’s important to remind people through collaborations like this just how cutting-edge the web3 universe can be.”
“The partnership between Binance and The Weeknd can innovate with tickets as NFTs, metaverse projects, merchandise – both tangibly and digitally, there are so many areas that can be a step up to what people are used to. At Hedge Trust we’ve informed many of our clients of the wide breadth of possibilities.”
On the current crypto market as it stands and the future of the currency after the industry went through another crash, Zhou said, “Customers tend to panic and can sometimes be very impatient when the block markets go into a dip. This is a serious issue beyond our control and clients with a low understanding of cryptocurrency tend to lose faith and interest in the entire business.”
He continued, “For as long as cryptocurrency is viable, still well recognized and accepted by more countries, Hedge Trust are optimistic for a better future and we hope to be in the forefront of the crypto market,”
“The basic lesson is that crypto is the future, and every investor should know when to buy, hold, and sell, to avoid devaluation and encourage more profits. At Hedge Trust, we strongly feel that cryptocurrency is the future value of money and large-scale collaborations that have been happening between the crypto industry and popular institutions and people, only help remind everyone of that.”