Kings of Leon, the American rock band, has planned to jump on the bandwagon on the non-fungible token (NFT) industry.
It has been reported that after a four-year break, including a delay caused by the COVID-19 pandemic, the Nashville family band is back with something more than just their eighth music album.
However, on March 5 (Friday), Kings of Leon will release its new album, When You See Yourself, in the form of an NFT token, dropping three types of tokens as part of a series called “NFT Yourself.”
The album itself will be released on traditional platforms like Spotify and iTunes, while the NFT version will be available via decentralized ticketing platform Yellowheart. The band reportedly positions itself as the first project in history to sell a music album as an NFT.
Is there room for more recording artists on the blockchain? @KingsOfLeon is going to find out soon enough as their new album will be released as an NFT. This might be the beginning of a new trend. https://t.co/9diu6HFL2Q — Cointelegraph (@Cointelegraph) March 4, 2021
The report said that all three types in Kings of Leon’s “NFT Yourself” series are designed to unlock special fan perks, with one of them limited to a special album package. Another one offers live show extras like front-row seats for life, and the third one for exclusive audiovisual art. One NFT token, priced at $50, includes extended media like an alternate album cover and limited-edition vinyl.
Likewise, the sale of the album NFTs will open Friday and will continue for two weeks, after which the NFT becomes a tradeable collectible.
Yellowheart is a new project originally designed to provide a blockchain-based ticketing platform. Launched in early 2020, Yellowheart aims to help creators sell their event tickets directly, cutting out the industry middlemen known as scalpers.
Josh Katz, the CEO of Yellowheart, said that the firm offers to consult services to educate artists about blockchain and NFTs.
Thus, Katz added:
“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.”
Source: Cointelegraph | Image: Scene & Heard
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