Artist who tokenized album for $11M explains why the NFT boom isn’t like the ICO craze


Episode 16 of Season 3 of The Scoop was remotely recorded with Frank Chaparro of The Block and Ryan Todd with DJ and record producer 3Lau.

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The market for non-fungible tokens, digital collectibles, and tokenized music is reaching the mainstream. On Thursday, Beeple’s NFT-based 5,000-image suite sold for a staggering $ 69 million. That makes it the third highest number paid for the work of a living artist. Indeed, the sale has shocked the wider press and cemented NFT’s place in mainstream consciousness.

The market has grown rapidly, with weekly users on NFT platforms increasing from around 20,000 at the start of the year to nearly 200,000 this week, according to The Block.

In this episode of The Scoop, Frank Chaparro and Ryan Todd from The Block with DJ and record producer 3Lau hit the latest headlines in the market.

Performing artist 3Lau has long focused on the intersection of music and crypto. He recently tokenized an album that grossed more than $ 11 million for the Long Island-born man.

In this episode of The Scoop, the group discusses how tokenization will usurp record labels and put more money in artist pockets, its plans to help more artists get involved with NFTs, and what drives this current crypto boom. Cycle from the original coin differs from offering rally.

“You have these middlemen who have benefited from the emotions of artists and their lack of financial expertise,” he said of the record labels and management firms that get much of the value in a musician’s work.

Artists can now interact directly with their audience through NFTs.

“Beeple is an example of this as someone who does amazing things. Will there be short term speculation? Yes. Will there be long term innovation? Yes,” he said, adding:

“But in the end, as in any market, there is a phase of pricing, and that’s exactly what we’re going through. The difference between this and what happened with the ICO boom in 2017: Back then, people were buying ideas that were barely could be implemented. Now people buy things that give them emotions. “

© 2021 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or used as legal, tax, investment, financial or other advice.

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