Rock band Kings of Leon will declare a web page within the historical past books in the present day once they turn into the primary music artists on the earth to launch an album as a type of cryptocurrency.
The Tennessee four-piece will launch ‘When You See Your self’ as a non-fungible token (NFT) at 5pm in the present day.
The character of an NFT means the token can solely be used as a forex inside its personal distinctive ecosystem – on this case for offers on live performance tickets and merchandise and so forth.
It’s understood ‘When You See Your self’ would be the first of three tokenised releases by Kings of Leon, and can in a position to present additional unique offers together with ‘entrance row seats for all times’ and uncommon audio-visual paintings.
The band has teamed up with sensible contracts outfit Night time After Night time and developed the tokens with YellowHeart – a music-led specialist in blockchain.
Blockchain is the encryption expertise which underpins the workings of cryptocurrencies. It’s been utilized by many artists as a means of securing provenance and guaranteeing authenticity, however that is the primary time it has been used together with an NFT on this means.
Though the musical work will likely be obtainable via regular shops similar to iTunes, Amazon and Spotify, solely these buying via YellowHeart will be capable to entry the $50 NFT model.
The NFT type of ‘When You See Your self’ will solely be obtainable throughout a two-week window and comes with enhanced media, a limited-edition vinyl and digital downloads.
As soon as the two-week sale ends, the NFT variations in circulation then turn into a tradeable collectable.
Devaluation of music
Chatting with Rolling Stone journal, YellowHeart founder Josh Katz says the mission with Kings of Leon may form the way forward for the music trade, claiming artists have been hit arduous financially in a digital age which has seen “the devaluation of music”.
“Music has turn into nice at promoting all the things besides music,” he stated.
“There’s been a race to the underside the place, for as little cash as potential, you’ve gotten entry to all of it.
“It’s early phases, however sooner or later, I believe this will likely be how folks launch their tracks: Once they promote a 100,000 at a greenback every, then they simply made $100,000.”
Katz’s mission with Kings of Leon can even see the ‘minting’ of 18 golden tickets – every one an NFT in its personal proper.
The band – made up of brothers Caleb, Nathan and Jared Followill with their cousin Matthew Followill – will public sale off six of the tickets whereas consigning the remaining 12 to a vault.
Every golden ticket can also be a key that unlocks a reside live performance ticket. The proprietor of the NFT is assured 4 front-row seats – for all times – throughout any Kings of Leon tour. However that’s not all – a golden NFT ticket additionally supplies a driver, concierge, a pre-concert meet-up with the group, VIP lounge entry and each merchandise of merchandise obtainable.