An on-chain generated music collection
Yesterday evening 25 on-chain generated songs in the Euler Beats Enigma collection auctioned for a combined value of more than $3 million. The most expensive song, the Enigma LP 01, sold for $243.000.
The pricing of the records ranged from $83.000 to the earlier mentioned $243.000. The average auction price of the 25 records was $123.000. One song has been set aside as a donation to a DAO, while another one stays with the developers.
Euler Beats Enigma is the second series in the Euler Beats collection, which created quite some hype in February. This time development studio Treum auctioned the master records instead of selling them at a low price. What makes a master record unique is that it gives the owner publishing copyrights, and therefore they earn a percentage on the sale of every print.
Prints are being sold at a bonding curve, the first ones sell for 0,1 ETH and the price increases after that. To get a print for Enigma LP 01 you will now need to pay 5,7 ETH, or $11,957. The other 26 Enigma songs are generally a bit cheaper with prices fluctuating between 2,1 and 2,9 ETH. That’s somewhere between $4,000 and $5,500 for an on-chain generated song that’s combined with an animated artwork.
Secondary market sales
Despite the steep price of the master records, some trading already occurred. Through the DappRadar NFT Sales tracker we’ve noticed that Enima LP 21 already switched hands. The original buyer bought it for $97.000, and sold it a few hours later for $184.140.
The secondary buyer owns a couple of Euler Beats Enigma records, some CryptoPunks, artworks from Murat Pak and Beeple. However, the seller is really into Euler Beats. They have collected 9 Genesis editions and already 27 copies in the Euler Beats Enigma series. It looks really cool in their portfolio too!
Trading in master records won’t happen a lot, because they are valuable and owners aren’t likely to let go. These master records earn the owner 8% from every print sale. The price of prints will increase with every sale, and will decrease when someone burns their print. Burning a print will give you 90% of the sales price from the last print sold.
Nonetheless collectors also see value in owning low numbered prints. One print from Enigma LP 01 already sold on the secondary market for $19.970. The buyer owns a variety of NFTs, ranging from Shaun Mendes Genies to a CryptoMotors vehicle, and from The Sandbox assets to spaceship for DeFi game Cometh. Take a look.
Power of Community
One of the most empowering stories behind this sale, comes from the Euler Beats community itself. Through chat platform Discord they met and decided to establish a decentralized autonomous organization (DAO) to acquire several Euler Beats Enigma LPs. Together the group gathered 300 ETH, and they now own four Enigma LPs.
beetsDAO has bought numbers 2, 4, 17 and 20 for a total value of $385.360. You can see these Euler Beats records in the BeetsDAO portfolio. Across the NFT space we see more people working together to acquire valuable artworks or other NFTs. Last week fans of the digital artist pplpleasr bonded together as a DAO to acquire a $569.000 artwork in an auction.