EulerBeats is a new NFT project that has emerged at the intersection of audio collectibles and algorithmically-generated art. For high-end collectors, EulerBeats might offer the chance to own a piece of NFT history, too.
EulerBeats are, in essence, limited edition, algorithmically-generated beats attached to algorithmically-generated record art composed according to a multiplicative function called Euler’s phi function.
While musical artists like 3lau have already experimented with tokenizing music, and popular projects like CryptoPunks and Hashmasks have ventured into algorithmically generated art, EulerBeats is the first NFT project to algorithmically generate both art and music in a single package.
Ownership and Royalties
EulerBeats also features a novel approach to minting, ownership, and royalties.
Similar to a master recording, which is the original, official recording of a song in the traditional music industry, there are only 27 original EulerBeats (all originally priced at 0.271 ETH + gas). From there, anyone can buy a EulerBeats print, which functions as a replica of the original similar to buying a CD.
Each new print of a given original in circulation is priced according to a bonding curve, where price goes up as token supply in the exchange declines.
Eight percent of the purchase price for a EulerBeats print goes to that original EulerBeats’ owner, 2% goes to the project, and 90% is stored as a refundable reserve if the print is ever burned.
The EulerBeats market is new, and already heating up with one original having just sold for 115 ETH (around $200k) and one of the more popular tracks currently costing close to 18 ETH just to print. Even Mark Cuban owns two, going so far as to call EulerBeats “the most genius idea ever.”
The project is helmed by Treum, a ConsenSys-backed company that recently worked on Swether, an NFT redeemable for a real sweater in the same vein as Unisocks.