American rock band Kings of Leon is the newest music undertaking to leap on the bandwagon on the non-fungible token, or NFT, business.
After a four-year break, together with a delay brought on by the COVID-19 pandemic, the Nashville household band is again with one thing extra than simply their eighth music album.
On Friday, Kings of Leon will launch its new album, When You See Your self, within the type of an NFT token, dropping three kinds of tokens as a part of a sequence referred to as “NFT Your self,” the undertaking told Rolling Stone. The album itself will probably be launched on conventional platforms like Spotify and iTunes, whereas the NFT model will probably be out there by way of decentralized ticketing platform Yellowheart. The band reportedly positions itself as the primary undertaking in historical past to promote a music album as an NFT.
All three sorts in Kings of Leon’s “NFT Your self” sequence are designed to unlock particular fan perks, with considered one of them restricted to a particular album bundle. One other one presents stay present extras like front-row seats for all times, and a 3rd one for unique audiovisual artwork. One NFT token, priced at $50, consists of prolonged media like an alternate album cowl and limited-edition vinyl.
The sale of the album NFTs will open Friday and can proceed for 2 weeks, after which the NFT turns into a tradeable collectible.
As beforehand reported by Cointelegraph, Yellowheart is a brand new undertaking initially designed to provide a blockchain-based ticketing platform. Launched in early 2020, Yellowheart goals to assist creators promote their occasion tickets instantly, chopping out the business middlemen often known as scalpers.
Yellowheart CEO Josh Katz stated that the agency presents consulting companies to coach artists about blockchain and NFTs. Katz is assured that NFTs will make fashionable followers need to personal music once more: “It’s early levels, however sooner or later, I believe this will probably be how individuals launch their tracks: Once they promote a 100,000 at a greenback every, then they simply made $100,000.”