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Wax//Wane Releases New Single "The Way Down," Produced By Linkin Park's Mike Shinoda, As A NFT Benefitting MusiCares
Ryan Paul, professionally known as musical artist Wax//Wane, is joining the NFT game with the release of his new single, "The Way Down," produced by Linkin Park co-founder and two-time GRAMMY winner Mike Shinoda. The song will be released as a NFT today (Monday, April 26) starting at 6:30 p.m. ET on the auction platform Nifty Gateway, with bids open for 24 hours. All proceeds from the auction will go directly to MusiCares, the leading music industry charity providing a safety net of critical assistance to the music community in times of need.
Shinoda first heard the track through his #ShinodaProduceMeProject, an initiative where he asks fans to submit music for selection to be produced by him live on his Twitch channel. "I liked it enough that it intimidated me a bit," he said of "The Way Down" during the stream. "If I'm like 'Oh man, that's a really good one,' I get a little bit nervous about screwing it up."
Paul has been active as Wax//Wane since 2017, releasing one original song per month and releasing covers on his YouTube and Patreon pages. His original version of "The Way Down" is "a reminder that you can always fly again," Paul tweeted. He says the song is about a period in his life where he lost hope. Not sure where to turn, he reached out to friends who then connected him with MusiCares, which he credits with giving him the resources to rebuild his life. Paying it forward, Paul has now chosen to auction the song as a NFT and donate the proceeds back to MusiCares, so other artists who are struggling with their mental health can get the help they need.
NFT auctions are becoming increasingly popular around the world, particularly for those in the art and music space. NFTs, or non-fungible tokens, are digital assets stored on blockchain with unique identification codes and metadata that distinguish them from each other. Because these codes are unique, they cannot be traded or exchanged at equivalency, allowing digital assets like photos, videos, and songs to be commodified in a way that has not been done before.