One Step Closer to Adoption: Linkin Park’s Star NFT Sold for $30,000

Mike Shinoda of Linkin Park has sold his first NFT, raising $30k, a confirmatory tweet from Zora, an NFT online market place, reveals on Feb 8.

Linkin Park Front Man Sold His first NFT Piece for $30k

A feat for Mike, the proceeds from the called One Hundredth Stream auction will be donated to the Michael K Shinoda Endowed Scholarship at ArtCenter College of Design. The scholarship benefits students based on artistic merit and financial need.

The piece was uploaded over the weekend and drew instant interest from across the crypto and creative communities. Throughout the auction, users could bid on different currencies, not just ETH or DAI. As of writing on Feb 8, the last bid price on the crypto digital piece stood at 6.66 WETH.

A New Age of Art Distribution

In a follow-up tweet, the creative lauds blockchain’s possibilities and how transformative it can be, especially for unconventional artists. He pointed out the effectiveness of non-fungible tokens (NFTs) as a new way of art distribution, a sharp divergence from legacy platforms complicit in commodifying creators.

Because of the base layer’s security and immutability, crypto art NFTs are unique, limited in supply, and cannot be copied. Each can be traced in the blockchain, introducing new ways of protecting creatives’ interests.

Most importantly, for artists seeking to draw maximum value from their work, each piece’s price is defined by the market.

The highest bidder of any immutable and digital piece owns the piece. In the era of blockchain provenance, creativity and value are all defined by the community and market, not a panel of judges.

“This should be very interesting for people who make unconventional art, or people who have been told their art isn’t art at all. Maybe it is. The community will decide.”

Soulja Boy Mints “Crack That”

More artists appear impressed with NFTs. Recently, Soulja Boy minted his first NFT called “Crank That” on Rarible, another NFT market place. It follows the American artist’s buying of several cryptocurrencies, including BNB.

As BTCManager also reported, Miss Bitcoin partnered with Enjin to launch the first NFT project in Japan.

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Linkin Park’s Mike Shinoda Joins Ethereum NFT Boom

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The NFT hype is showing no signs of slowing. Now, Linkin Park member Mike Shinoda has shared his first digital collectible piece. 

Mike Shinoda Mints NFT

Mike Shinoda, the American musician best known for his role in the seminal rock band Linkin Park, has released his first NFT. 

An auction for the digital art piece, titled “One Hundredth Stream,” is running on Zora, an exchange for buying limited edition art and other goods. 

Zora lets users bid on items using various currencies. Since listing “One Hundredth Stream” earlier this weekend, it’s received a bid of 7 WETH—around $11,200 at publication. 

Shinoda confirmed that he would donate the proceeds from the winning bid to a scholarship he funded at ArtCenter College of Design. 

The NFT contains music created by Shinoda. He explained that listing an item this way would likely be more lucrative than releasing a song worldwide through traditional methods. 

Based on some of his other Twitter comments, the listing has received a mixed response from his fans. He said

“It doesn’t matter if you think a current bidding price is too high for a digital collectible. It matters that one person thinks the [sic] price is worth it.” 

Shinoda isn’t the first musician to get involved in the NFT boom recently. Only a few days ago, Soulja Boy minted his first piece. Lil Yachty also raised $16,050 for his first collectible, and Carl Cox has released music as a token in a similar way to how Shinoda has done. 

The auction ends this weekend. It can be viewed here

Disclosure: At the time of writing, the author of this feature owned ETH, among a number of other cryptocurrencies.

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