US rock band Kings of Leon are releasing their brand new album as a non-fungible token, also known as NFT, in cooperation with Yellowheart. The group is about to make history by becoming the first band ever to do so.
Entitled When You See Yourself, the album will be set in two different types of NFT: one that will be made available for only a limited time and acts as a deluxe version of the new album; meanwhile, the second one, of which six units will be sold at auction, will serve as a lifetime ticket to the band’s shows.
The first-mentioned token will be sold for approximately $50 and comes with access to digital download of the music as well as a vinyl and some other digital goods. The latter one will be sold for somewhat more. Meanwhile, six of these will be sold, while a further 12 will be probably sold off by Kings Of Leon in the future.
YellowHeart’s chief executive, Josh Katz, was the first to report the band’s plans to Rolling Stone magazine: “Over the last 20 years – two lost decades – we’ve seen the devaluation of music. It’s early stages, but in the future, I think this will be how people release their tracks. When they sell 100,000 at a dollar each, then they just made $100,000.”
The NFT sector has been booming during the last month due to the recent rise of interest for the cryptocurrency industry. The new technology allows artists and other creative professionals to turn their digital goods in code which allows it to be bought and sold by creating a completely digital replication of the traditional art market.
It seems like the start of the new era of music industry is already here! Let’s see what the future brings!
#Peace.Love.KingsOfLeon
1 comment