Updated: Mar 31, 2021
It’s 7:11pm on Saturday, February 28th, 2021, and 3LAU’s Ultraviolet album bids for $2 million. Freaking out, 3LAU manages to balance celebrating with his family, watching his bids skyrocket, while live updating an NFT Clubhouse room with over 1,000 listeners.
“This is the beginning of a technological renaissance and holy shit, I don’t even know what’s going on - but fuck yeah,” 3LAU proclaims in the voice-based social media app.
In the height of his excitement, he then encourages the room by stating, “you will not need to depend on a legacy system,” in order to make it as an artist.
3LAU, or American EDM producer, Justin Blau, significantly disrupted the music industry’s business model last night, making history by making the most money in a single NFT auction. His Ultraviolet album ETFs sold for a shocking $11.7 million. 3LAU has since dedicated his platform to help grow emerging independent artists, and expanding educational opportunities for NFT participation.
Let’s reset the room. How did this all begin?
NFTs, or Non-Fungible Tokens, are collectible digital assets that represent a wide range of unique items. They cannot be exchanged for one another for equal value, and each token has a digital hash that distinguishes it from other NFTs.
These crypto collectibles are valued based on how scarce they are, which rapidly evolves the gaming, artwork, and collectibles industry.
For independent artists, “minting” an NFT allows digital art to be listed as tokens in order to become a part of a Ethereum blockchain.
In short, you can directly list your content on a global platform and potentially own a significant portion of the profits by skipping the middleman of auction houses, agencies, and other like institutions.
Eddie Gangland, independent pop artist and founder of Museum of NFT, went from selling two live paintings a month to selling 7-8 NFTs a week.
Empowering the Artist In Fairness & Freedom
Major developments in the NFT space are starting to blur the lines between industry professionals and freelancers.
Creator "sovereignty" was a term loosely thrown around last night, referring to an artist's ability to claim their own space in art, music, and entertainment markets.
"This is an investible layer. I see this as a really beautiful addition to the systems currently in place." - Vérité