Kings Of Leon Releasing New Album As NFT
As Rolling Stone points out, KoL will be the first major band to release an album in NFT form. Rolling Stone notes the band partnered with YellowHeart for NFT Yourself.
Rolling Stone provided the following explainer regarding NFTs:
A quick rundown: NFTs are a type of cryptocurrency, but instead of holding money, they can hold assets like art, tickets, and music. NFTs operate on a blockchain, which is a publicly accessible and transparent network — meaning anyone can see the details of any NFT transaction. Computers involved in the transactions become part of the network, which keeps updating and can’t be hacked due its nature as many-headed hydra. In the case of NFTs, their value becomes subjective and therefore fluctuates, kind of like stocks.
While the NFT Yourself website currently has a countdown timer set to expire at 12 p.m. ET on Thursday, Rolling Stone reveals three types of tokens are coming from Kings Of Leon. There’s a special album package due as well as a package with concert perks and another with exclusive audiovisual art. Each NFT Yourself album token costs $50 and includes a digital When You See Yourself download along with enhanced media and limited-edition vinyl. The on-sale period spans two weeks and once the period is over, no additional NFTs will be made leading to an open marketplace for what Rolling Stone describes as “a tradable collectible.”
“Over the last 20 years — two lost decades — we’ve seen the devaluation of music,” YellowHeart CEO Josh Katz told Rolling Stone. “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.” Katz feels NFTs will lead to fans purchasing music once more, “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.”
Head to Rolling Stone for more about what Kings Of Leon have coming, including 18 “golden tickets.” While Kings Of Leon may be the first act to release their album in NFT form, they likely won’t be the last.