Brian Armstrong, CEO of cryptocurrency exchange Coinbase, together with DJ DAVI, will release a collection of musical compositions in the form of unique tokens (NFT).
reported tweeted that while writing the code for the early version of Coinbase, he listened to a lot of electronic music without vocals so that the words would not distract him from his work. During the pandemic, Armstrong developed a hobby – he started composing electronic music, and DJ David Khanjian, aka DJ DAVI, gave him free lessons.
During classes, they created joint tracks, and then Armstrong had the idea to release three pieces of music in the form of collectible tokens. They will be featured on the Zora platform, which Coinbase Ventures previously invested in. According to Armstrong, one of the tracks is dedicated to technology, with calls not to give up what you started. Most of the work was done by DJ DAVI, so the money raised from the sale of these NFTs will be donated to him.
Armstrong announced the launch of the NFT the day after the release of Coinbase’s preliminary financial report for the first quarter of 2021, for which the exchange plans to earn $ 1.8 billion. In addition, on April 14, Coinbase will conduct a direct listing of its shares on the Nasdaq stock exchange.
Non-fungible tokens are in high demand among music performers, artists and artists. However, many participants in the cryptocurrency industry are wary of NFTs, calling them a “bubble” that could burst due to excessive popularity. Ethereum co-founder Vitalik Buterin recently said that NFT has potential for development, but it should be used profitably – for charitable purposes, and not to replenish the wallet of celebrities.