The music NFT project Euler Beats launched on February 15th and has generated $10.3 million in transaction volume in the past 7 days. According to data from DappRadar almost 3 thousand transactions came from 789 different users.
When Euler Beats launched, they sold 27 master records for 0.271 ETH each. These master records were generated on the blockchain by the user, and therefore the buyer could never know what they would receive.
From these master records, other buyers can purchase a maximum of 120 copies. The price of these copies increases with each edition sold. Currently, the cheapest copy of a song costs 8.539 ETH, which is more than 14 thousand dollars.
However, the 3.000 transactions in the last week don’t only come from buying a record. With each purchase, 2% goes to the developers, 8% to the holder of the master record, and 90% goes into the burn pool. Holders of a copy can burn their song, and they will receive the last 90% added to the pool.
Interest is increasing
Through the smart contract data, we’re seeing lots of action happening in purchasing copies of these songs. However, according to data from OpenSea, there’s also lots of trading on the secondary market.
One of the master songs changed hands for 300 ETH. The total trading volume in the past 7 days is over 1343 ETH, which equals $2.2 million.
