Kings of Leon will become the first band to register an album in NFT, or non-fungible token, a new form of digital asset registered in blockchain. The group’s most recent release, “When You See Yourself”, will come out on all traditional music streams, such as Spotify and Apple Music, but will also be available as an NFT on the YellowHeart platform.
The information was published this past Wednesday (03) by the Rolling Stone, but the album will be officially released on Friday. An NFT, or non-fungible token, is essentially a digital asset that operates under a technology that allows the encrypted and immutable registration of any file on blockchain networks, guaranteeing its authenticity and exclusivity.
Band to launch several token options
Three types of tokens will be released by the band as part of the “NFT Yourself” series. The first crypto product is a package that includes the special album, the second offers live shows and perks like front row seats for life, while the third is for unique audiovisual arts.
All NFT packages will be accompanied by exclusive artistic productions and will be offered through the YellowHeart blockchain music platform. The token that includes the album “When You See Yourself” will be available for US $ 50, more expensive than on iTunes, for example, but it will also bring differentiators.
The NFT includes enhanced media, with a kind of alternative album cover, music downloads and limited edition vinyl. Sales will start on Friday (05) at 2 pm Brasília time and will remain for two weeks. One of the characteristics of non-fungible tokens is their collectible and exclusive nature. Therefore, after this period the album will never be sold in this version again.
18 “golden tickets” will be created
YellowHeart will create 18 “golden tickets” for the album’s release. These NFTs will be extremely limited, 6 of them will go up for auction, while another 12 will normally be available for purchase at an undisclosed price. The CEO and founder of the blockchain music platform, Josh Katz, told the Rolling Stone: “Each of these tickets is a unique NFT with the most incredible Kings of Leon art you have ever seen”.
These limited premium tokens will give access to the band’s live shows, also marking the first time in history that a musical performance ticket is sold as NFT. Buyers will be entitled to four front row seats at absolutely any concert by the band, anywhere in the world, and for life.
In addition, the limited token offers personal drivers to take and pick up their owner for the shows, a concierge to take care of their needs during the performance, a hangout with the band before the events and exclusive access to the lounge.
NFTs can reshape artistic industries
The international visual art and music industries are really adhering to non-fungible tokens. Last Sunday, pop singer Grimes also released a series of works of art on NFTs, ranging from videos with exclusive music to static images linked to the concept of her latest album. The Canadian artist profited $ 6 million from token sales.
Meanwhile, youtuber Logan Paul, who has approximately 23 million subscribers to his channel, created an art of himself holding anime-style Pokémon cards and turning it into an NFT. He sold the limited stock of 3,000 units for 1 ether (ETH) each, earning more than $ 5 million.
Since Kings of Leon positions itself as the first band to release an NFT album, the implications of this new way of registering and selling authored creations are still uncertain, but full of possibilities. “In the past 20 years we have seen the devaluation of music,” said Katz to Rolling Stone. According to the CEO of Yellowheart, selling music has become very difficult today due to the popularization of streaming services. “In the past, it cost $ 20 to buy a song.”
For Katz, the NFTs would be an alternative to resume the appreciation of the musical work of artists. The exclusivity of having an original and limited product guaranteed by blockchain networks generates the same type of added value that physical works of art have had for decades.
Thus, limited and encrypted releases on blockchain would appreciate over time. The novelty is that you cannot sell an NFT on eBay, for example. This is a cryptocurrency-like transaction, so artists can also profit every time one of their tokens is resold.
With information: Rolling Stone