Kings Of Leon Will Be First Band To Release ‘Crypto-Album’ As An NFT
Kings of Leon are set to release their new album, entitled When You See Yourself, as a non-fungible token (NFT), becoming the first ever band to release a ‘crypto-album’ as an NFT.
NFTs refer to a form of cryptocurrency which hold assets such as art, tickets, and music. As NFTs operate using a blockchain, a publicly accessible, transparent network, anyone is able to view transaction details.
The value of NFTS becomes subjective and will fluctuate in a way that is reportedly comparable to the stock market.
As reported by Rolling Stone, Kings of Leon will be dropping three types of tokens as part of their series ‘NFT Yourself’.
One type will be a special album package, while a second will offer live gig perks such as front-row seats for life. A third type will just be for exclusive audio-visual art.
All three of these tokens will offer art designed by the band’s long-time creative collaborator Night After Night, while smart contracts and intelligence were developed by YellowHeart, a business that aims to use blockchain technology to increase the value of music and improve direct-to-fan relationships.
YellowHeart founder and CEO Josh Katz told Rolling Stone:
Over the last 20 years — two lost decades — we’ve seen the devaluation of music. Music has become great at selling everything except music.
There’s been a race to the bottom where, for as little money as possible, you have access to all of it. Previously, it cost $20 to go get one song.
Katz believes that subscription-based pro rata models offered by streaming platforms have damaged income prospects for musicians, and hopes that NFTs will lead to modern music fans wanting to own their own music again.
It’s early stages, but in the future, I think this will be how people release their tracks: When they sell a 100,000 at a dollar each, then they just made $100,000.
When You See Yourself will also be released on mainstream streaming platforms such as Spotify, iTunes, Apple Music and Amazon. However, the NFT version available on YellowHeart will be the only product to offer fans special perks.
The token in question, with a price-tag of $50, will include enhanced media, plus a digital download of the music and limited-edition vinyl.
Sales will open Friday, February 5 at 12pm ET and will continue for a period of two weeks. Following this, no further tokens will be made, with the NFT then becoming a tradable collectible.
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