EulerBeats Enigma NFT Auction Raises $3.1 Million
The auction for the second collection of EulerBeats originals has closed. Bidding hit 1,665 ETH across the 25 pieces.Â
Key Takeaways
- EulerBeats is an innovative NFT project that experiments with art, music and royalty distribution.
- Owners of the ultra scarce EulerBeats original NFTs 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 pieces.
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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 NFTs 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 (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 45 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 has two collections: Genesis and Enigma. They represent two sides of a record, with 27 algorithmically generated pieces of music released in each collection. These are called “originals,” 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 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 pieces stayed relatively under the radar, though the community caught onto the project soon after it closed. Many of the originals 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 45 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.
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