Mick Jagger is using NFTs to collect funds for independent music venues.

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The latest high bid is $8,988, with 12 people bidding on the musical NFT.

Mick Jagger, the lead singer of the Rolling Stones, has joined the nonfungible token craze in order to assist local rock venues that have been harmed by the pandemic.

Jagger announced on Thursday that he had begun a 24-hour auction on Nifty Gateway featuring a nonfungible coin, or NFT, based on a new song with Foo Fighters frontman Dave Grohl. The digital piece, created by artist Oliver Latta, aka Extraweg, features a loop of a figure running between two human heads, with Grohl and Jagger’s “Eazy Sleazy” music playing in the background.

According to the release, β€œthe 30-second audio visual piece evokes a surreal essence of breaking through the barriers of the human mind and pushing forwards on the verge of social collapse to provide a much needed moment of artistic relief as the world slowly transitions out of lockdown.”

The proceeds from the auction, according to the NFT’s explanation on Nifty, will benefit independent music venues in the United States and the United Kingdom through local charitable organisations Music Venue Trust and the National Independent Venue Association. A part of the proceeds will be donated to environmental charities as well. At the time of publishing, the highest bid for the NFT was $8,988, with 12 people bidding.

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In the last year, several musicians have been active in NFTs. Crypto.com revealed last month that it would open an NFT website featuring music by Snoop Dogg, Boy George, Lionel Richie, and others. Major organisations have also used NFTs to collect funds for charities. For example, New York Times columnist Kevin Roose auctioned off one of his pieces for more than $550,000, with the proceeds going to the publication’s The Neediest Cases Fund.

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