EulerBeats Enigma NFT Auction Raises $3.1 Million

Key Takeaways

  • EulerBeats is an innovative NFT project that experiments with art, music and royalty distribution.
  • Owners of the ultra scarce EulerBeats original prints receive an 8% cut whenever someone buys a print token of the piece.
  • The auction for the project’s Enigma prints closed at 1,665 ETH across all 25 prints.

Bidding on EulerBeats Enigma originals raised around $3.13 million on Wednesday.

Generative Art Auction Raises 1,665 ETH

The auction for EulerBeats Enigma original prints has raised 1,665.6 ETH, around $3.13 million at today’s prices. 

Bidding closed on Wednesday evening after a 24-hour OpenSea auction. EulerBeats sold only 25 prints (two were held back for early EulerBeats supporters and the developers behind the project for “experimentation”). 

Originally scheduled to close at 17:00 UTC, bidding was extended several times through OpenSea’s automated system. 

The first piece minted, Euler Beats Enigma LP 01, received the highest bid at 131.25 ETH, while the floor price across all 25 was 50 ETH. 

The EulerBeats project emerged in February amid a frothy climate across the NFT space. As celebrities with no obvious background in crypto started tokenizing pieces with questionable long-term value, the Ethereum community hailed EulerBeats as one of the ecosystem’s most innovative projects. It was built by Treum, a team backed by ConsenSys. 

EulerBeats Explained 

EulerBeats prints fall under two categories: Genesis and Enigma. They represent two sides of a record, with 27 algorithmically generated pieces of music released in each collection. These are called “original prints,” and they take the form of ERC-155 NFTs. 

Fungible token prints of each piece were also made available on a bonding curve, meaning the price of the tokens increases as the supply falls. These tokens are also scarce: there are only 119 in the Genesis series and 160 in Enigma. 

With each print sale, the original print owner automatically receives an 8% “royalty” through the smart contract. They also get ownership of the full commercial rights. But the royalty fee is the main reason the originals are seen as so valuable; they give the owner a source of income that increases with every new print purchase. 

When someone buys a print, 90% of the fee is stored in a reserve. This fee can be unlocked by burning the print. The remaining 2% from each sale goes to EulerBeats. 

The first auction for EulerBeats Genesis prints stayed relatively under the radar, though the community caught onto the project soon after it closed. Many of the original prints then significantly increased in value on the secondary market.

Thanks to the growing interest in the project, the Enigma sale was highly anticipated. Still, with the 50 ETH floor price, the bidding went far higher than most fans could likely afford. 

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. 

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article