American R&B singer Akon has made no secret of his interest in a rapidly growing digital future having previously announced plans to create his own Crypto-currency (AKOIN), a futuristic pan-African city (Akon City), and now plans to release all his future music as NFTs.
As part of his keynote appearance at the recent Proof of Fusion event in Abu Dhabi, Akon spoke exclusively to Esquire about the about his involvement in crypto-currencies, NFTs, and advice he has for those who are interested in getting involved…
ESQUIRE: You got your fame from your music, but recently you’ve been heavily involved in the crypto world. What is your involvement with things like cryptocurrency?
Akon: Well I actually worked to create a currency called AKOIN – which stands for ‘African coin’ – with the idea to introduce it heavily into the African market as a way to help create financial opportunities for the future and particularly with the younger generation. Having a currency powered by a blockchain-based ecosystem will help to create different ways in which opportunities can open up, not only financially but also from a social standpoint. It allows for people to tokenize all the talents and resources that exists on the continent.
ESQ: You mentioned the younger generation. Why is it them that you are targeting?
A: Simply because they are the future. When you look at the continent of Africa, 70 percent of the population is under 21 years old. So they are not only the future but also the majority of the people, and that is where you can make the most difference. That generation is very mobile and digital savvy, and they understand technology more than anybody. When you look at places like Kenya, there are tech hubs that are creating White Label projects companies over in Silicon Valley – and people don’t even know about it! Underlining it all is the idea that the currency allows opportunities for people to have the tools necessary to build the countries and move those countries forward.
ESQ: And what about NFTs? That’s also something that you are into, correct?
A: Yeah, that is something that I am passionate about because I am an artist. Throughout my career I have always believed that artists never really got their fair share of the profits for the work they produced and people listen to. So with the idea of owning a piece of digital art, via an NFT, it allows the creator to benefit more and actually get more of the pie.
“My next album is going to be an NFT album…which means I’ll be able to monetize it from the day it drops on every platform that exists”
– AKON
ESQ: What power do NFTs have in the crypto world?
A: They’re like cousins – you can’t have one without the other! You actually can, but it won’t be a full family venture, you know what I’m saying? NFTs help evolve digital culture because it allows the currency to be able to be exchanged with the artist. Connecting NFTs with crypto allows for digital art to have value – which is important for an artist.
ESQ: What’s the best way for music artists to monetize their work in NFTs?
A: Well, my next album is going to be an NFT album. With that, I’ll be able to monetize it from the day it drops on every platform that exists. What that means is that it opens the door to full transparency where your music is being played, who’s playing it, where they’re playing, and how many times it is played. Financially, you get the royalty every time someone shares it, so it makes sense to me, and that’s the route want to go for all my future music releases.
ESQ: What are the risks of getting into crypto?
A: I mean, it’s like with anything else, because it is new there is a lot of fear of the unknown. It certainly is something that is worth looking into if you are not really digitally savvy or involved in the tech world. But education is power, so educate yourself.
ESQ: How important are events like the Proof Of Fusion event in Abu Dhabi?
A: These are important because a lot of people are hearing about crypto and NFTs and are curious about them, so it’s a good way for people to help understand and educate themselves on how it all works. These kinds of functions open up the door for more information to go out so people can learn more about it.