After 3LAU broke all records by raising $11.6 million, other DJs are looking to jump on the tokenized album craze.
Built by Origin Protocol and supported by Dshop, the auction of the world's first tokenized album, 3LAU's "Ultraviolet" ended in record-breaking fashion: 33 NFTs sold for close to $11.6 million, with a single NFT trading for $3.6 million.
It was an auction that took place from February 25 to 28, where the artist-turned-cryptocurrency influencer celebrated three years since the release of his album "Ultraviolet", making it the first in history to be tokenized. The auction featured 33 different NFTs that, sold separately, allowed buyers to get their hands on these unique and unrepeatable works of art, "one-of-a-kind digital collectibles." This means that buyers can exchange their purchased NFTs for limited edition vinyl, unreleased music and the opportunity to collaborate with the artist. As the very essence of NFTs, they are not interchangeable with each other and each one is unique.
"I'm excited to help empower artists. This is the first step in a longer mission to connect artists directly with their fans and allow artists to capture the value they create in the world," 3LAU stated in this regard.
Following 3LAU's step forward, heavyweights like Richie Hawtin joined the NFTs move. He can be seen active on Twitter commenting on the news and looking for artists to support with this new technology. While Disclosure has also held its first auction, which ends late today.
Another one of those who has joined is Deadmau5 himself, an advance in technological terms that will start a new auction next March 9, ensuring that "each piece will contain exclusive deadmau5 music from his next artist album".
Something interesting is that, being in the digital world, blockchain technology allows to trace all its steps and ensure that they are original works. In addition, many digital token trading platforms allow artists to earn revenue even after the first sale: when buyers re-sell the items, artists continue to get a share of the profits. Undoubtedly, NFTs will open up a whole new economy in the world of cryptocurrencies.
There are still a few who are encouraged by this format but it seems to be the future, at least, of the big releases.