Dutch DJ Don Diablo has sold the first-ever concert NFT for $1.2million (£871,000).
The hour-long live show, dubbed ‘Destination Hexagonia’, was created exclusively for the NFT (non-fungible token) auction through which it was sold for 600 Ethereum ($1.2m), DJ Mag reports.
Filmed over the course of one year, the project was made in collaboration with videographer Paul Snijder, boasting 3D-rendered characters, sets and green screen effects. It also incorporates sci-fi elements, drawing inspiration from the worlds of Star Wars and 2001 Space Odyssey.
“I always had that one dream in my head to one day combine all of these things that are haunting around my head, creating sort of a sci-fi film concert experience,” Diablo explained in a preview video (watch below).
The NFT was auctioned off as a one-of-one product, which will be delivered to the winning bidder on a unique USB stick containing a video file of the show.
“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,” Diablo added.
“What’s next? I’ve got some incredibly exciting collaborations lined up and I can not wait to share it with the world very soon, this is just the beginning.”
The DJ has also founded HEXAGON Foundation “in order to help artists in the NFT space”, with money made through the new auction being invested back into the foundation.
As NME explained in a recent blog, NFTs “act like digital gold bars, rare trading cards or paintings kept in safe storage – they’re kept on the blockchain (basically a Cloud for financial assets, but where everyone with an account keeps a note of what you own) in your name but you can only sell or trade them as collectibles.”
Calvin Harris recently praised the new format, saying that NFTs had the potential to “completely revolutionise the music industry”. He echoed comments made by Lindsay Lohan, who released her new single ‘Lullaby’ as a non-fungible token and hailed the technology as “a great way to bridge the gap between the consumer and artist”.
Nils Frahm, however, said that he believes NFTs to be “the most disgusting thing on the planet right now”. Others have noted the cryptocurrency’s apparent negative impact on climate change, with Gorillaz facing criticism over their “hypocritical” decision to enter the NFT market.