DAO Spends $1 Million on NFT of Unreleased Steve Aoki, 3LAU Song

May 18, 2021 | Decrypt News | 0 comments

dao-spends-$1-million-on-nft-of-unreleased-steve-aoki,-3lau-song

Decentralized organization Jenny DAO has paid $1 million for an NFT song produced by famous DJs Steve Aoki and Justin Blau, also known as 3LAU.

According to a press release shared with Decrypt today, the original track is Aoki’s and 3LAU’s first-ever collaboration.

“Steve Aoki and I have been friends for years. As our mutual excitement surrounding NFTs grew, we thought it would be a truly unique opportunity to tokenize a 1/1 exclusive song—our first collaboration ever!” 3LAU said in the announcement.

The NFT also features visuals created by digital artist and motion designer Peiter Hergert, as well as “a surprise computer-generated vocal sample.”

What is Jenny DAO?

The buyer, Jenny DAO, is a so-called “metaverse organization” designed to allow investors to participate in the NFT market through a fractional ownership model. In line with its decentralized nature, members of Jenny DAO can take part in treasury management and decide which tokens to buy or sell. 

In this instance, the group voted to purchase the duo’s song for $1 million—the first NFT in the organization’s collection. The transactions to 3LAU’s and Aoki’s wallets can be found here and here

“The Jenny DAO members are really excited to have Steve Aoki and 3LAU’s first collab song as the first NFT in our collection. The music and visuals for this NFT [are] absolutely amazing, and we’re glad that we could help bring it to existence,” added the project’s lead, Jae Chung.

Last week, Jenny DAO raised $7 million from major investors including Multicoin Capital, Ascensive Assets, Animoca Brands and Metapurse.

The latest sale is not Aoki’s first foray into the NFT space. His eclectic artwork known as “Hairy” was previously sold on digital marketplace Nifty Gateway for $888,888—and is currently ranked 22nd among the most expensive NFT sales to date.

News Source from Decrypt.co

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