Tonight, in record-setting and groundbreaking fashion, electronic music producer 3LAU sold a collection of limited edition NFTs for $3,666,666. The dance music vet and cryptocurrency pundit also broke the record in non-fungible token sales by selling 33 unique items for a total of $11,684,101.
NFTs are unique digital collectibles that are truly one-of-a-kind and unable to be replicated. Stored on a decentralized blockchain, each item is exclusive to its owner and cannot be deleted or duplicated. NFTs have been a major boon in the COVID-19 era for music producers, who are actively seeking ways to recoup revenues lost from touring due to the impact of the virus. deadmau5, Feed Me, and 3LAU are a few of the many electronic music artists capitalizing on the NFT boom.
The sale took place on 3LAU's custom-built website developed by the team at Origin Protocol. To commemorate the three-year release of 3LAU's Ultraviolet album, the winning bidder won a platinum-plated vinyl record NFT version, which is redeemable for a custom song by 3LAU, as well as access to unreleased music and a bonus physical vinyl.
According to ONE37pm, the most expensive NFT ever sold prior to 3LAU's Ultraviolet collection was "CryptoPunk #6965," an item that fetched 800 ETH, which is worth about $1,608,032.