World-renowned musician and top blockchain influencer 3LAU launched an NFT drop on February 26th, 2021 on Origin Protocol’s DShop platform amidst extreme anticipation from the NFT community.
The 2-day auction ended on a feverish pitch on February 28th, recording the highest bid at a single NFT auction. The auction featured the Ultraviolet Vinyl NFT Collection, in order to commemorate the three-year anniversary of his album release.
Origin Protocol tweeted saying: “History has been made! The auction for the world's first tokenized album has finished. Built by @OriginProtocol & powered by #Dshop, @3LAU sold 33 unique NFTs for a total of $11,684,101. This is a new record in a single #NFT auction.”
Who Is 3LAU?
Justin Blau, aka 3LAU, is a world-renowned musician and producer who has amassed over 1 billion music streams across Spotify, Soundcloud, YouTube, and other platforms. Justin is a talented trader and early crypto adopter and has been an open advocate for tokenizing music and building the investable layer of music on blockchain technology.
3LAU’s excitement was loud and clear in his tweet when his NFT auction went live on February 26th:
“The auction for the 1st tokenized Musical note album ever is LIVE! THANK YOU ALL! This is just the beginning for musicians to reclaim power & capture the immense value they create in the world!...Thank you @OriginProtocol @matthewliu @joshfraser for building this!”
NFT Creating History Is The New Norm
Ultraviolet has now created history in NFT auctions for the bid figures attracted. Bidder65 was the highest bidder at $3,666,666 with the founder of the first NFT Vault, Whale, and well-known pseudonymous buyer, Whaleshark, following close behind. Origin Protocol tweeted their gratitude accordingly:
“Thank you to all who participated in today's historic event. Especially Bidder65 & Whaleshark whose bidding war kept us glued to our screens for hours.“
WhaleShark, is one of the largest collectors of art and digital-gaming non-fungible tokens (NFTs) in the industry. The Whale Vault holds some of the rarest and valuable NFTs across blockchain gaming, digital art, virtual real estate and other highly coveted digital collectibles.
Whaleshark took to Twitter to recount their experience soon after the bid ended:
“Congratulation to @3LAU and the entire music community for smashing records (pun intended), and heralding in a new era of digital music ownership. While we came in 2nd, I have much love and respect for BIDDER65 who literally gave me a run for my money. The NFTs will be going to the @whale_community and the $WHALE Vault as a donation from myself and marks not only the highest priced assets we have ever collected, but also a most historic moment in which artists took back their music and gave it to the people.”
3LAU And Origin Have Taken NFT-Powered Commerce To A New Level
Origin is a protocol that uses Ethereum blockchain and IPFS to create a shared economy marketplace empowering developers and businesses to build decentralized marketplaces on the blockchain. Origin allows buyers and sellers to discover each other, browse listings, make bookings, leave ratings and reviews, among other things. The protocol's Dshop is an extension of its services designed to open new doors for creators like 3LAU.
"Through NFT Dshops, our goal is to help artists retain ownership of their work and run their business independently, using technology to reach their fans directly and find a new source of revenue during COVID-19. Dshop will enable creators to come up with various physical product offerings to pair with their audiovisual NFTs," said Matthew Liu, Co-founder, Origin Protocol.
The Continued Rise Of NFTs
Non-fungible tokens (NFTs) bring enormous opportunities for creators like 3LAU and others to generate new sources of revenue especially since COVID-19 left artists with fewer monetizing opportunities. NFT has received overwhelming community response in the past few weeks. Blockchain collectible firm Sorare raised $50m for NFT fantasy sports collectibles. The acclaimed digital artist Beeple’s artwork made waves for two industry firsts, Christie’s is the first major auction house to offer a purely digital work with a unique NFT (Non-fungible token) — effectively a guarantee of its authenticity — and to accept cryptocurrency, in this case, Ether, in addition to standard forms of payment for the singular lot.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.