NFT Music Market Royal Founder 3LAU Withdraws From friend.tech, Donates ETH To Charity

Key Points:

• NFT music market founder 3LAU withdraws from friend.tech, citing concerns over risks and donates 8 ETH to a music charity.
• The value of 3LAU’s KEY tokens on friend.tech declined from 0.36 ETH to 0.03 ETH, prompting his decision, while 20 token holders continue to retain their positions.

3LAU, the renowned founder of the NFT music marketplace royal, has made a significant decision to withdraw from friend.tech. 

While acknowledging the platform’s potential, 3LAU cited concerns about the associated risks as the driving force behind his departure. As a testament to his commitment to supporting the music industry, he has pledged to donate 8 ETH to a music-focused charitable cause.

This announcement comes as a surprise to the crypto community, given 3LAU‘s prominent role in the NFT and blockchain space. Friend.tech, a blockchain-based project, had issued tokens known as KEY, which 3LAU held. At its peak, the maximum value of 3LAU’s KEY tokens on the platform was 0.36 ETH. However, recent market dynamics have seen the value decline significantly to 0.03 ETH. Despite this drop, there are still 20 holders retaining their KEY tokens.

3LAU’s decision to exit friend.tech and redirect his assets towards charitable endeavors underscores the importance of risk assessment and philanthropy within the cryptocurrency community. This move also highlights the dynamic nature of blockchain projects and the need for careful consideration when engaging with emerging platforms.

The donation of 8 ETH to a NFT music-related charity reflects 3LAU’s ongoing commitment to the music industry’s growth and development, even as he navigates the evolving crypto landscape. As blockchain technology continues to influence various sectors, including music, 3LAU’s philanthropic gesture serves as a positive example of leveraging crypto wealth for social good.

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