By surpassing milestones in NFTs, world-renowned musician, producer, and a blockchain influencer Justin Blau, best known as 3LAU conducted a record-breaking $11.6 Million sale of a NFT release of his three-year-old album ‘Ultraviolet,’ last month. This is a record for overall sales for a single NFT collection, and also the highest price paid for a single NFT which is $3.6 Million.
After a year with no live performances, musicians are hoping to connect with their fans on the blockchain and do compensate for lost revenue through the sale of NFTs. Commenting on this trend Blau has said, “It’s a way to monetize your fan base in a way that’s never been possible.”
3LAU has partnered with Origin for the three-year commemoration of his Ultraviolet album, making it the first to be sold as an NFT. His fans were allowed to place bids starting from 25th February up until 28th February, for all 33 NFTs.
Winners will be able to redeem these for special edition pieces of vinyl, unreleased music, unique experiences, and bonus song NFTs. According to 3LAU, tokanization of music albums will be a way for artists to capture the value that they have created.
What’s special about 3LAU’s NFTs?
The most expensive NFT in Blau’s sale, included a custom song, access to never-before-heard music on his website, custom art based on his music and new versions of Ultraviolet’s 11 original songs. Further, according to a Forbes report the buyer would receive a vinyl edition of the album.
The interesting fact about the auction of Ultraviolet NFT album was that, when the auction was reaching the final three minutes, anyone increasing a bid restarted the clock at T-minus three minutes. The reset occurred over 40 times, prolonging the auction by several hours.
Where the auction ended with surprising $11.7 Million, breaking several records. It was not only the largest-ever NFT sale, but the $3.6 Million paid for the auction’s most expensive token ranks as the priciest NFT ever sold in an initial offering.
About Justin Blau
Justin Blau, aka 3LAU, is a world-renowned musician and producer, best known for his chart-topping hits and unique DJ style. Starting small at college fraternity parties, 3LAU quickly rose to fame, performing at sold-out shows around the world. Today, he has amassed over 1 billion music streams across Spotify, Soundcloud, YouTube, and other platforms.
Blau, having nursed an interest in crypto for almost a decade, has cemented as himself as the space’s most coveted name, reliably orchestrating its highest-profile and highest-volume sales. After assembling over 15 auctions since September and raising nearly $13 Million.
He’s been an open advocate for tokenizing music and building the investable layer of music on blockchain technology. CoinTelegraph recently named him as its 93rd most Notable Person in blockchain for 2021.
Conclusion
According to Nonfungible.com, during the last week alone $50 million worth NFT sales have taken place. Whereas, the NFT transactions that was conducted in February, which was nearly $180 Million, surpassed by double the value of transactions happened in the year 2020.
This itself explains the rapid growth of the NFT market. As digital artists, musicians, bands, DJs, and numerous artists in different fields are rushing capitalize on this trend, there’s nothing else but significant rise in demand can be seen in NFTs. Blau’s auction was the latest head-turning moment amid a boom in the tokens over the past months, and will continue to be so in future.
