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While Coinbase has been in the news lately due to its upcoming direct listing, its chief executive officer Brian Armstrong is making an impact in the non-fungibe token (NFT) sector.
Armstrong is working with DJ David Khanjian to release three songs in form of NFTs. He announced the launch on Wednesday, adding that the songs will be available over the coming days as NFT. They will also be available on Zora, a Coinbase Ventures portfolio.
All proceeds from the NFT will go to DJ DAVI
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Armstrong termed one of the songs “building great stuff with technology.” He has always been very enthusiastic about electronic music. The COVID-19 pandemic also afforded him the opportunity of getting free music lessons from DJ DAVI, as many people also took up hobbies during the period.
“I listened to a lot of electronic music with no vocals as I was coding up the early versions of Coinbase,” Armstrong tweeted. He added that all proceeds derived from the sales of the NFT will go to the DJ.
The minted tracks being offered for sale on NFT were created by DJ DAVI as Armstrong was learning.
Coinbase recently reported $1.8 billion quarterly revenue
Armstrong NFT announcement is coming barely 24 hours after his company Coinbase released a preliminary financial report for the first quarter of 2021. The crypto exchange reported an estimated $1.8 billion in revenue from January to March 31.
Coinbase will be going public on April 14, and the value of the exchange has soured ever since its direct listing was made public. It is now the largest cryptocurrency exchange in the US and approaching $1 trillion valuation. The popularity of the exchange has grown immensely, as many crypto traders see it as the best option for all their crypto needs.