Dutch DJ Don Diablo has sold the first full-length concert non-fungible token (NFT) for 600 Ethereum or around $1.2m.
An NFT is a unit of data stored on a digital ledger that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio and other types of digital files and most NFTs are part of the Ethereum blockchain.
Diablo has made history by selling Destination Hexagonia, the “next level sci-fi animated live concert experience” in under four minutes on the SuperRare marketplace.
The NFT will be delivered to the auction winner via a unique USB stick, which contains the video file.
Diablo said: “My GΞNΞSIS drop went beyond all my expectations, and that really inspired me. I immediately felt such a warm welcome into the NFT community, and with that feel a responsibility to continue to push things further into the future and keep disrupting the status quo.
“At this point we almost feel like this particular piece has become priceless because we worked on it for almost a year and put an incredible amount of love and effort into it.”
The hour-long video is a move away from the short-form pieces that have been more popular in the NFT domain.
Diablo said he is also donating a portion of the profits from the sale of the film to his HEXAGON Foundation, which was established to educate artists in the NFT space, helping them create, share, and sell their art.
NFTs, which have been around since before 2014, have driven millions of dollars in sales for musicians including Grimes, who auctioned off $5.8m worth of digital art pieces within 20 minutes earlier this year.
The recent sales boom has been a result of many in the music industry seeing NFTs as a long-term benefit to artists who have struggled financially under the streaming-era status quo. Digital artwork can be copied and distributed instantly, but buying an NFT gives the customer proof of ownership. NFTs create a sense of scarcity, however it is the token that is rare, not the artwork itself.