Singer Chris Brown has dropped his own NFT collection in conjunction with the release of his new album, “Breezy.” He’s the latest celeb hopping on the emerging artist initial public offerings (IPO) via non-fungible tokens. But unlike other celebrities before him, Brown’s NFT IPO hasn’t fared as well so far.

NFTs are a type of digital asset that is stored on a blockchain. NFTs are ideal for storing artwork, videos and music. When an artist such as Brown creates an NFT of their work, they can sell it for whatever price they set.

An IPO means that a company’s ownership is transitioning from private ownership to public ownership. By creating NFTs of their work, music artists (as well as others) are basically going public as anyone in the public can invest in their work via an NFT.

Brown’s NFT collection is called “THE BREEZYVERSE” and consists of 10,000 3D animated NFTs with sound and visual effects implemented on the Ethereum blockchain, The Source reported. The public sale went live on July 1. 

An Instagram post on the NFT’s official channel @thebreezyverse announced: “PUBLIC SALE IS LIVE! Click the link in bio to get your own official @chrisbrownofficial NFT now! Our exclusive utilities are rolling out now and throughout the upcoming tour. The journey has just begun!”

He also made an announcement on his Chris Brown media YouTube channel, during which he said the NFT collection “helps me connect with my fans.”

On his own Instagram page, Brown posted an animated clip showcasing some of the NFT’s artwork.

According to the NFT’s official website, the collection “creates an intimate connection to Chris’s creativity and artistic talents” and is designed to “bridge the gap between the artist and his fans around the world.”

But despite all the hype, Brown is upset about the lack of support for his new album or NFT. As of July 7, only about 3 percent of NFTs in the 10,000-piece collection have been sold, CNet reported.

Brown’s timing might be off. Crypto is in the middle of a major downturn and NFTs are taking a big hit.

“Without question, the NFT market has fallen off the cliff this June,” Pedro Herrera, head of research at DappRadar, told Bloomberg. “While the market is way more mature, it is fair to say that in recent weeks, investors were looking for safer places to put their money amid the Terra collapse and the rumors surrounding potential liquidations.” 

Experts also say Brown overpriced his NFTs. Each NFT is priced at .35 ether, or $440. Typically, new collections launch at a price under .1 ether ($126), CNet reported.

Perhaps Brown and his team were looking at the success other celebs have had in the NFT market, especially hip-hop legend Snoop Dogg, who sells NFT for over $100,000 USD.        

In 2021, Snoop held his first NFT auction, “A Journey with the Dogg.” It featured exclusive Snoop content, including new songs and videos from the rapper. He revealed that one piece titled “Death Row” sold for a whopping $108,000, Cult reported.

“The NFT explosion hit fast. There are still a lot of people out there who don’t know about it, or just don’t get it. They will though,” Snoop told Vanity Fair at the time. “It’s a big moment and a big technology that is changing the way artists do business and connect with our fans. I am excited about it.”

Then in February 2022, Snoop Dogg sold over $44 million worth of “Stash Box” NFTs in just five days to celebrate his twentieth studio album release, “B.O.D.R. (Bacc On Death Row),” Music Business Worldwide reported.

Snoop Dogg’s NFTs were limited to 25,000 and each “box” included 1 of 17 songs from “Bacc On Death Row.” Each box was priced at $5,000.

Photo: Chris Bown screenshot from YouTube, The Official Chris Brown NFT – The Breezyverse video, https://www.youtube.com/watch?v=b7xcCuJJ3pA&t=13s