Besides the massive Bull Run this season, Non-Fungible tokens or NFTs have also become wildly popular. The most popular use case is the ability to create digital collectibles, and several famous personalities and franchises have launched their own collectibles. The latest big name to join the trend is popular rock band Kings of Leon, as they are set to release their new album as an NFT, making them the first rock band with an NFT album.
The rock band’s latest album will be released on major platforms like Spotify, Apple Music, and Amazon. The NFT version of this album will be launched on the blockchain-based music platform Yellowheart, a report from Rolling Stone stated.
The album dubbed “When You See Yourself,” will be available in three different tokens, each with its own special perk. The normal token priced at $50 will contain unique album art, while those priced higher, called “golden tickets” will be limited edition and will unlock an actual concert ticket.
NFTs come with real-life VIP perks
YellowHeart will create 18 unique-looking “golden tickets” as part of the album’s release. Among the lot, the band will be auctioning six of them and would hold the rest for later releases. “Each one of those is a unique NFT with the most incredible Kings of Leon art you’ve ever seen,” said Josh Katz, CEO, and founder of YellowHeart.
These tokens will be auctioned and whoever wins would receive some additional benefits besides owning a limited edition NFT. The owners would be guaranteed four front-row seats to any Kings of Leon concert during every tour for a lifetime. In addition, the report adds:
“The token owner also gets a VIP experience that includes a personal driver, a concierge at the show to take care of their needs, a hangout with the band before the show, and exclusive lounge access. Upon leaving the show, the fan’s car will have four bags filled with every item from the merch booth.”
Reviving the old school album market
According to Katz, subscription based music services have hurt artists because the craze of owning an actual album, which was limited, has died out. The CEO believes NFTs are the key to making modern fans want to 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,” he added.
With NFTs, artists are able to earn a portion of the money earned every time an NFT is resold. This has become a trend in the music industry, but mostly among DJs. Last month, electronic music producer 3LAU broke the record in non-fungible token sales by selling 33 unique items for a total of $11,684,101.