How To Make $11 Million Overnight | The 3LAU NFT | Summary and Q&A

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March 7, 2021
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The Iced Coffee Hour
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How To Make $11 Million Overnight | The 3LAU NFT

TL;DR

Musician's album NFT auction sells for $11.7 million, marking a new milestone in the world of digital collectibles.

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Key Insights

  • 💦 NFTs offer a new way for artists to monetize their work and engage with fans directly.
  • 💗 The success of NFT auctions highlights the growing interest in digital art and collectibles.
  • 🧑‍🎨 NFTs have the potential to disrupt the traditional music industry by giving artists more control and opportunities for revenue.
  • 💁 Investing in NFTs can be a form of supporting artists and their visions for the future.

Transcript

it starts out we hit a million oh my god this is amazing then we break the record of 6.6 and we're like then we just go quiet like everyone was just watching silently as it just kept going and the timer reset every three minutes so if any of the 33 bidders bid again in the final three minutes it would reset so it gave everyone a chance to move arou... Read More

Questions & Answers

Q: How did the musician's NFT auction reach $11.7 million?

The musician utilized a unique auction mechanic on his own website, attracting hardcore fans and collectors. The auction reset every three minutes, giving bidders the chance to outbid one another. The final price far exceeded expectations.

Q: What did the bidders receive for their purchase?

Bidders received audio-visual pieces of art tied to the musician's debut album. These digital assets were also redeemable for limited edition vinyls of the album. The top six bidders were granted all-access passes to future shows.

Q: What is the significance of NFTs in the music industry?

NFTs provide a way for artists to directly monetize their work and engage with fans. It challenges the traditional record label model and empowers artists to retain more control over their creations.

Q: Are NFTs a bubble?

While there is a lot of hype and speculation around NFTs, the market is driven by the value that collectors place on certain digital assets. While there may be an overflood of supply, the demand for unique and meaningful digital art and collectibles remains strong.

Summary & Key Takeaways

  • Musician shares his experience of auctioning his debut album as an NFT, earning $11.7 million and disrupting the music industry.

  • NFTs provide a digital certificate of authenticity, allowing artists to monetize their work directly and fans to own unique collectibles.

  • The success of NFTs demonstrates the growing interest in digital art and the potential for artists to gain more control and revenue from their creations.

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