Producer 3LAU sells first-ever crypto-albums for $11.7m

Music producer 3LAU has sold a collection of 33 different non-fungible tokens for a total of $11.7m, Business Insider reports. The collection includes 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 top bidder for $3,666,666. NFTs are digital representations of art (visual, audio, etc.) where ownership is tracked and verified on the blockchain. Sales in music-related NFTs this weekend alone – which included Grimes selling her WarNymph digital art collection for $5.8m – amounted to $18.6m, which is 80% of all music NFT sales combined over the nine months.