From crypto art to online music releases, NFT has swept all over the art world as the next biggest trend. The latest trend sees works of art like a burnt Banksy piece that sold for US$380,000 and Chris Torres selling an animation of the pop icon Nyan Cat for about US$590,000. And now, musicians and DJs are hopping on the bandwagon.

As part of the 3^rd anniversary of his ‘Ultraviolet’ album, DJ 3LAU rereleased 33 full albums on his own bespoke digital-token auction site. The top 33 bidders will receive an NFT album, which would allow the owner to redeem anything from unreleased music, special edition vinyl 3lAU albums, or even a custom song made just for the owner. In less than 48 hours of going on the market, 3LAU has earned over US$11.3 million from just the bidders alone.

So what exactly are NFTs and what does this new technological currency mean for the electronic music industry?

The NFT, also known as a non-fungible token, is a form of crypto currency hosted on the Ethereum blockchain. Each NFT is a separate entity in itself, existing as a unique piece of art where no two pieces are identical. Simply put, artists can release music and MVs as NFT in addition to all the usual distribution outlets like Spotify or Bandcamp. The NFTs make up limited edition album, track or even sample, becoming a collectible in its own right that only the owner will get to experience. 

And unlike a collectible memorabilia, the NFT is indestructible despite being the only copy that excists. Built in features like musical content, rare pictures, advertising syncing rights and more are stored in the file as a smart contract. If you’re worried about buying fakes, you can rest assured knowing that because of the way that the smart contracts are set up on the Ethereum blockchain, the historical ownership of the digital artwork can be traced back to the original creator. You’re looking at secret songs, special video content, or even backstage passes – there’s no limit here.

In other crypto music news, you can also purchase a Daft Punk NFT photo shot for Mixmag right after their legendary 2006 set, shop from deadmau5’s exclusive digital merch supported by the WAX blockchain or check out Disclosure live mixing a track on Twitch before releasing it as an NFT. 

We don’t know if it’s just a fad, but holding an exclusive piece of music as currency definitely feels good! Many DJs like Steve Aoki, Adventure Club, Feed Me, Monstercat and Never Say Die have expressed their interest to release their tracks through NFT. Not only are they creating unique pieces of collectible art, musicians can also cash in directly on their songs as some NFTs can be coded to enable the original creator to earn a commission each time the token is traded, creating a new revenue stream directly between a fan and the artist.