Kings of Leon, a popular U.S.-based rock band will become the first band to release its album as an NFT, Rolling Stone reported.
The popular band is dropping its latest record “When You See Yourself” on Friday, 5 March.
The band will release three types of tokens for the album.
Kings of Leon NFTs
The first type of tokens will be a special album package, followed by the second type that offers live-show perks such as front row seats for life, and the third type that entitles holders to exclusive audiovisual art.
All three types of tokens have been designed by Night After Night, the band’s long-time creative partner.
YellowHeart, a company using blockchain technology in the music industry, will be responsible for the technical side of things such as the development of smart contracts and the intelligence required.
The band’s new album will be released on various platforms – Spotify, iTunes, Apple Music, and Amazon – but only the NFT version will come with special perks.
The token will be priced at $50 and includes enhanced media – digital downloads of the music and limited-edition vinyl.
The album sale will be available for two weeks after it opens on Friday. When the sale period lapses, no additional NFTs will be made. Existing NFTs will become tradable collectibles.
NFTs will revive music ownership
YellowHeart founder and CEO Josh Katz said that the last two decades have 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,” said Katz.
In Katz’s opinion, streaming services hurt musicians. However, NFTs will play a crucial role in 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.”
Artists are turning to NFTs as the new market booms.
YouTuber and influencer Paul Logan recently made millions after digitizing live-streamed videos of himself unboxing Pokeman cards worth $2 million.
Logan sold out the NFTs for his Pokeman highlights. In a week, he sold NFTs worth nearly $6 million.