Rock band ‚Kings of Leon‘ to release album as NFT
The rock band „Kings of Leon“ is releasing its next album also as NFT. With this, the band is doing pioneering work.
The upcoming album When You See Yourself by rock band Kings of Leon will not only be available physically and digitally in stores or for streaming. Fans will also be able to buy several non-fungible token (NFT) versions of the new record. This is according to a report in the music magazine Rolling Stone. With this, the band is doing pioneering work, because no other music group had decided to take this step before. Specifically, there are three types of Crypto Legacy tokens involved, which offer different benefits. One NFT is supposed to include a special album package, while the second token offers perks for live performances. The third token then allows the user access to exclusive audiovisual content. Each token is expected to cost US$50. Sales start tomorrow, Friday 5 March, at 18:00.
As part of the NFT release, Kings of Leon is also having 18 „Golden Tickets“ mined, six of which will be auctioned off. Owners of these limited tickets will receive a kind of all-round carefree package that will guarantee them, among other things, attendance at the concerts with front row seats for life. In addition, they will get access to the backstage area as well as a personal concierge to take care of the ticket holder’s personal needs.
NFT as a new distribution option for the music industry?
The NFT are based on the blockchain of YellowHeart. The company’s goal is to use blockchain technology to „give music back its value“ and improve the relationship with fans. Speaking to Rolling Stone, founder and CEO Josh Katz bemoaned the current evolution of the music industry:
Music has become great at selling everything but music. There has been a race to the bottom where you have access to everything for as little money as possible.
Josh Katz to RollingStone
Katz sees NFT as the solution to this problem. The current „per-rata model“ of the current streaming providers (Spotify, Apple Music, etc.), based on clicks, disadvantages artists too much. This is because the revenues of the respective platforms are thrown into a pot and divided up according to the percentage share of individual songs. The providers take the lion’s share themselves, the rest of the money is distributed to the labels, which in turn only pass on a fraction to the artists. According to Katz, this is where NFT could come in and give fans the feeling of wanting to „own“ music again
Besides Kings of Leon, other musicians are also trying out NFT cooperations. Whether pop singer Shawn Mendes, Canadian singer Grimes or Linkin Park’s rapper Mike Shinoda, they are all getting on the NFT bandwagon. In Germany, Fynn Kliemann is a representative of the NFT boom in the music world. The trained web designer recently launched „Jingele“. The concept: interested parties can choose from 100 individual and unique jingles, make an offer and, if the bid is successful, call the corresponding NFT their own in the future. The respective jingles are mapped on the Ethereum Blockchain and are tailor-made for each mood. BTC-ECHO spoke with Fynn Kliemann to learn more about the project.