Some of the 27 original music NFT tracks of Euler Beats have already been sold for 300 ETH, or approximately 458 thousand dollars, on the secondary market. The project is only one week old, and is currently among the top 10 most valuable projects on Ethereum according to data from OpenSea.
Euler Beats is an on-chain generative audio NFT project that sold 27 original music tracks, when it launched on February 15th. These music NFTs give the owners commercial rights to the music, and in addition they receive 8 percent royalty on every copy sold from that particular song.
Personally totally missed out on this, but it’s one of the most innovative projects in the NFT space. The price increases with every sale of a copy, and therefore the value of the original master NFT also goes up. The originals sold out in 3 minutes, while the prints are still being sold. There’s a maximum of 120 copies per song.
On-chain music NFT
Aside from the business model, which makes each song almost like a DAO, these songs have more interesting elements. Because they’ve been entirely generated on-chain. They developer at Treum call these NFTs ‘music as mathematical art’.
The process of minting an original is something that happened on-chain. The token seed is used to create a song, and therefore the buyer is not able to preview the art or the beat. Each original sold for 0.271 ETH (excl. gas fees), and some have already switched hands for 300 ETH.
Euler Beats has already seen 1277 ETH in trading volume according to data from Opensea. In total there are 634 people who own one or more songs, either copies or originals.
Burn for money
The interesting thing about Euler Beats is that these minting programs will last forever. Whenever someone wants to acquire a copy of a song, they can mint. However, the price will always keep increasing. Now here comes to surprise…
From every sale the owner of the original gets 8 percent, while 2 percent goes to the creators. The remaining 90 percent goes to a burn contract. At any time someone can send their copy of a song to the burn contract, and they will receive that last 90% from the burn contract. So if you buy a song now, you wait a while, then after some time burning a song will become profitable. But perhaps, keeping it will even be more valuable.
I can only say, my mind is blown. Loving the concept, the originality, and wish that the bonding curve / price increase wouldn’t be as steep as it is now. Currently the floor price for a song is 4.7 ETH on the official website. On Opensea you can find the cheapest song for 6.25 ETH.
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