Non-fungible NFT tokens are a unique digital asset that is part of the blockchain and is assigned unique ownership.
This property is then stored on the blockchain and cannot be duplicated or deleted, which means that it is clear to the buyer what gives it its value. NFTs contain information about who the token belongs to, its purchase and ownership history, and a link to the corresponding digital file.
3LAU auctioned a number of NFTs, 33 total, that included special edition physical vinyl, unreleased music, and unique experiences such as a custom song with the winner’s creative direction, which was won by the highest bidder for $ 3,666,666.
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The producer is also opening its own marketplace on its website so that bidders and winners can sell their tokens to those who missed it.
The protocols surrounding NFT include a royalty, which means that the original artist will receive a percentage of the resale fee, even though 3LAU has not disclosed what their royalty is. More information about 3LAU’s auction can be found on its dedicated website.
NFTs have become a big topic of conversation in recent months. Music NFTs were sold this weekend alone. That included selling their WarNymph digital art collection for $ 5.8 million for $ 18.6 million, which is 80% of all NFT sales of music in the nine, according to DJ Mag analyst and columnist Cherie Hu Months summarized.
Last weekend, Canadian producer Jacques Greene sold an audio clip and the accompanying animation NFT for 13 Ethereum, around 14,000 pounds.