3LAU SELLS ‘ULTRAVIOLET’ ALBUM NFT’S FOR A WHOPPING $11.6 MILLION – [READ]

Acclaimed house DJ and producer 3LAU auctioned off 33 unique NFT’s for his album ‘Ultraviolet’, banking a record-breaking $11.6 million. 

An online auction by 3LAU, partnered with Origin Protocol over the weekend of February 25-28, allowed fans to bid on 33 curated NFT‘s. The NFT’s are able to be redeemed for special edition vinyls, unreleased music, unique experiences, and bonus song NFT’s.

NFT stands for Non-Fungible Token. NFT’s are typically used for digital art pieces, representing ownership of an original copy of a song, art piece, album, merchandise, or any other unique item or experience curated by the artist. The buyer has ownership of this digital piece of art that can fluctuate in value and can be sold to other fans. An NFT can currently only be purchased with the cryptocurrencies Ethereum, or Polkadot.

3LAU’s NFT auction set a record for the highest overall sales for a single NFT drop/collection at $11.6 million, as well as breaking the record for the highest sale of a single NFT for $3.6 million. The NFT’s were curated to commemorate the three-year anniversary of 3LAU’s acclaimed ‘Ultraviolet’ album, which has amassed more than 300 million streams.

“I’m excited to help give power back to artists. This is the first step in a longer mission to connect artists directly to their fans, and allow artists to capture the value they create in the world,” 3LAU commented in a recent article.

3LAU has been revolutionary when it comes to crossing blockchain technology and the music industry. He is a seasoned cryptocurrency trader, who is trying to revolutionize the way music is bought and sold in a truly free market. He openly advocates for “tokenizing” music and continuing to flow investments in the music industry on the back of blockchain technology.

3LAU advocates that this is a safer, more secure method of content creation, and allows artists to enjoy the fruits of their labor more inclusively than going through streaming platforms, labels, etc. It will be interesting seeing the type of content that artists start creating this way, allowing them complete creative freedom and to be rewarded as such.