Serious Issues with Don Diablo’s 600 ETH ($1.2 M) NFT Concert
Famed DJ and musician Don Diablo just shook up the NFT world by releasing the first full length NFT concert. Mixing music, visuals, and a recorded studio performance into a digital concert, this virtual show is guaranteed to be engaging and entertaining. To initiate the sale of the full show, Don Diablo and his team chose to issue a unique one of one NFT, DΞSTINATION HΞXAGONIA by Don Diablo. Sold via auction on SuperRare, this NFT just broke records with a winning bid of 600 ETH, worth $1,265,016.00 at the time of the sale.
The winning bid was placed by the anonymous user @deckchair. This was his first NFT purchase using that account. According to the contract, @deckchair will be receiving a unique box containing a hard drive with “the only copy” of the concert file. While I have no doubt that Don Diablo is a man of his word and will make sure @deckchair receives his hard drive, this model of distribution is simply not sustainable. At worst, it’s downright negligent.
Putting a single copy of a digital file on a single physical hard drive is a terrible idea. Personally, I have suffered multiple hard drive failures and I would absolutely hate to see this recording disappear due to drive failure. I encourage Don Diablo to find a better solution. In the transfer of this box, will Don Diablo or a trusted third party get on a plane and fly to @deckchair? How will @deckchair receive this file and remain anonymous? Would Don Diablo consider putting a hard drive worth over a million dollars in the mail?
While there is no doubt that this performance is groundbreaking, and I congratulate Don Diablo on the success of the auction, there is a lot to learn from the first NFT Concert drop. Due to the success, the demand for full length NFT experiences will be rapidly exploding. NFT Concerts is a platform currently under development that will address many of these issues.
NFT Concerts plans to allow artists at any level to quickly and easily launch their own full length NFT Concerts. By using non-fungible tokens to unlock on-demand streaming access to show recordings, NFT Concerts will maintain an extremely high resale value. NFT Concerts will be stored and streamed in encrypted shards, preventing the ability for a bad actor to duplicate the original file in its entirety. Additionally, there is no need to mail a hard drive around the world. A transfer of the NFT will immediately unlock access to the streaming recording for the purchaser while removing access for the seller. If you would like to learn more about NFT Concerts, please visit www.nftconcerts.com. If you are an artist, we are currently lining up our initial public offering of NFT Concerts. Please fill out our form and indicate you are an artist for more information.