EulerBeats and EulerBeats Enigma both saw a surge in activity and volume in the past 7 days
Both the EulerBeats NFT collection and the EulerBeats Enige collection have seen a dramatic surge in activity in the past 7 days. Trading volume for the genesis collection increased by over 2,600%.
EulerBeats is a generative audio track NFT collection. Each of the tracks also features a corresponding image. All tracks are generated based on mathematician Leonhard Euler’s phi function. Importantly, all EulerBeats NFTs are stored on the Ethereum blockchain. What’s impressive is that both editions of the EulerBeats collection have seen remarkable spikes in the number of traders and the volume interacting with them.
EulerBeats Genesis, the first set of audio NFTs, has seen more than a 2,629% increase in volume in the past seven days. Thanks to this boost, the collection has recorded upwards of $1,1 million in sales. Interestingly, this volume is due to only 145 trades performed by 49 unique users. This means that a transaction cost, on average, over $7,500.
EulerBeats Enigma, the second set of phi function-generated NFTs, also boosted activity across all metrics. The volume passing through its smart contract is almost ten times smaller than that of the Genesis collection. However, it still recorded a huge increase compared to the previous seven days. The Enigma collection also saw 1,150% increase in the number of unique collectors, boosting volume to almost $200,000.
Overall, there has been a significant uptick in interest towards both EulerBeats collections in the past week. This is a strong indicator that NFT collectors are starting to value audio-related generative NFT projects more. Traditionally generative art is associated with projects like Art Blocks and Autoglyphs. However, interest in music-based NFTs is also rising.
What are EulerBeats?
EulerBeats is an NFT project releasing collections of tokens combining both an audio and a visual element. All EulerBeats NFTs are the result of a mathematical formula generative process.
The Genesis collection launched in February 2021 and generated more than $10 million in the first days it became available. The Enigma collection launched in March of this year. It saw remarkable success after several of the songs were bundled up. The bundle sold for upwards of $3 million.
Each of the two collections consists of 27 unique LPs called originals and stored on the Ethereum blockchain. Each original can have a set number of prints associated with it. Prints serve as digital copies of the original that can be traded and sold as well. The cap for the fungible print tokens is s 119 for each Genesis original token and 160 for each Enigma original token. Interestingly, a print can be burned, giving the burner 90% of the last print purchase. Additionally, EulerBeats NFTs are stakable, bringing owners additional passive rewards.
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