Musician Amanda Palmer has helped give Bandcamp its coming out party. In one of the better DIY success stories, Palmer sold $15,000 of music and merch from her Bandcamp page in just three minutes on Tuesday. Within a day, according to a post at Bandcamp, she had sold 4,000 digital EPs and had sold out of most high-end packages.

Palmer released “Amanda Palmer Performs the Popular Hits of Radiohead on her Magical Ukulele” on Tuesday. By Wednesday afternoon, one thousand limited-edition vinyl LPs were sold out, 450 vinyl LP/t-shirt/button bundles were gone and 100 packages that include a T-shirt and a hand-painted ukulele.

Fans who want to buy only the seven-track digital EP pay a minimum of 84 cents for 320kbps downloads – but they’re free to pay more if they’d like. With premium products generating revenue, the digital EP could be priced low enough to encourage the word of mouth sales.

Palmer’s surprise success – done with only a small team and no label – has put the spotlight on Bandcamp, named just a few weeks ago by Billboard as one of the hottest music-based startups. The San Francisco-based startup provides to artists a simple platform for selling digital and physical music through unique artist pages.

Bandcamp co-founder Ethan Diamond tells Billboard the site has benefitted from the extra attention. "We've had record daily signups all this week. We saw a spike after announcing our revenue share model (last week), and another one after Amanda's release."

The release also puts the spotlight – indirectly – on the economics of DIY. Rather than receive a modest royalty rate towards recoupment of expenses, an independent artist can use a site like Bandcamp (or using tools of Topspin, Nimbit or others) to immediately create revenue. And most sales will be kept. Bandcamp currently takes a 15% commission on digital sales and 10% on physical items (the physical commission will eventually increase to 15%). That’s about the same as a typical distributor’s cut.

Sean Francis, who helped Palmer with this project and release, explained at the Bandcamp blog that Palmer did not release a CD and has not yet released the album elsewhere. “If we were just using iTunes, we couldn’t be doing tie-ins with physical product, monitoring our stats (live), and helping people in real-time when they have a question regarding the service.”

As is often the case, this DIY success story comes with an asterisk. Palmer first gained attention through her band the Dresden Dolls. But unlike major label-to-DIY artists before her (Radiohead, Nine Inch Nails), Palmer has gained a considerable following without the help of her former label, Roadrunner Records. She has become a very effective self-promoter and her use of Twitter to gain fans and organize performances is the stuff of legend.