EulerBeats could overturn the Music Industry and birth a Record Label DAO with its DeFi economics.
This week, in the midst of the Hashmasks frenzy, a ConsenSys backed company quietly dropped EulerBeats, “an ultra scarce collection of 27 art + music originals.” Each original is a non-fungible token (NFT) that stores a unique song and animation eternally on the Ethereum blockchain. This alone is a technical breakthrough. EulerBeats went one step further. Not content to simply pioneer a new genre of NFTs, EulerBeats also programmed each NFT with a novel economics that is destined to spark skyrocketing value.
EulerBeats will soon attract immense attention from musicians, the music industry (producers, record labels, etc), NFT collectors and DeFi speculators.
It will likely will join Hashmasks as one of the most sought after NFTs — especially because it is a first-of-its-kind blockchain music. The nature of EulerBeats’ tokenomics rewards strategists, it is therefore crucial to grasp the significance of EulerBeats early and move decisively.
EulerBeats is a technological breakthrough for storing art and music on the blockchain.
While experts in generative music quibble over whether EulerBeats is the first (or second) to store audio on the blockchain, the fact remains that EulerBeats has accomplished a technological breakthrough that will have a far reaching impact.
What, specifically, is it that makes EulerBeats technologically superior? For that, you’ll want to dive into an article written by one of the developers:
On-Chain Artwork NFTs
Not all art NFTs are created equal. Some seek to overcome the transience of the digital medium. Let’s find out how.
The “too long didn’t read” version is that everything needed to reconstitute a EulerBeats track is stored directly on the Ethereum blockchain. This is not true of other NFTs (such as Cryptopunks) which are stored off-chain. Presumably, the…