Nonfungible tokens are currently dominating the cryptocurrency space as more artists, and content creators enter the market. Coinbase CEO is set to launch a collection of music NFTs over the next few days.
Armstrong enters the NFT market
Coinbase CEO Brian Armstrong announced that he would release a collection of electronic music nonfungible tokens (NFTs) soon. Armstrong created the music NFTs with DJ DAVI, also known as David Khanjian.
He tweeted about this yesterday, stating that “Over the next few days, I’ll be releasing some electronic music that I created with DJ DAVI (David Khanjian). We’ll be releasing them as NFTs. I listened to a lot of electronic music with no vocals as I was coding up the early versions of Coinbase, and always enjoyed David’s music. (no vocals because I couldn’t concentrate with other words in my head).”
The Coinbase co-founder said he took up electronic music composition as a hobby after the Coronavirus pandemic began. DJ DAVI gave him free music lessons, and the duo created the minted tracks together while Armstrong was still learning.
Armstrong will give up the proceeds of the sale to DJ DAVI. The CEO noted that one of the tracks centers on building with technology and never giving up. He added that the three tracks will be released as NFTs and hosted on the Zora.co platform.
Armstrong is getting ready to take his company public. Coinbase recorded its best quarter-yet after generating a revenue of nearly $2 billion, surpassing its entire revenue of 2020 in a single quarter this year. Coinbase is now set to list on the NASDAQ stock exchange on April 14.
NFTs are in the early stages, says Mike Novogratz
Galaxy Digital CEO Mike Novogratz told Bloomberg that he is bullish on NFTs and believes the market is still in the early stages. Novogratz is confident that NFTs will be around for the foreseeable future.
“NFTs are going to be with us for the rest of our lives. We’re in the very early stages, so much that there’s little mini bubbles that will pop up and down,” he added. NFTs have become popular as artists, and content creators look to digitalize their work.