On Friday, alt-rock band Kings of Leon will be releasing their latest album as a non-fungible token or NFT — a type of cryptocurrency. In this case, the NFTs will not just have monetary value but will have assets tied to them. Kings of Leon will be offering three types of tokens each with its own set of offerings.
Cryptocurrency is hardly a new technology but it’s recently been becoming more valuable to a bigger audience. While often associated with mining, more types of cryptocurrency are coming to life and not all of them are designed solely to be used for currency.
The most affordable offering from Kings of Leon is a $50 token that will include a digital download of the album, a limited-edition vinyl, and “enhanced media” which Rolling Stone describes as an alternate moving cover. The second token will start at $95 and can go up all the way to $2,500. The band will offer six unique-looking NFT tokens containing elaborate audiovisual art. Fans will be able to preview these artworks starting Thursday.
The last token is a very unique and valuable one. As part of the album release, there will 18 unique-looking “golden tickets” that will contain exclusive Kings of Leon art. Additionally, these tokens unlock a premium lifetime experience for any Kings of Leon fan. The “golden ticket” will act as an actual concert ticket that guarantees four front-row seats to any Kings of Leon concert for life. In addition to access to the concert, ticket holders will experience a VIP treatment for each show that includes a personal driver, a concierge at the show, a private hangout with the band before the show, exclusive lounge access, and one of every item in the merch booth.
The use of NFTs in the music industry has actually been present for a while now but have mostly been used by underground DJs and producers. With the pandemic halting concerts, artists have turned to NFTs for a new stream of revenue.
Kings of Leon’s tokens were developed by YellowHeart, a blockchain ticketing company. But the company’s CEO, John Katz, saw potential in offering more than just ticketing and started offering consulting services to artists to create their NFTs.
In an interview on Rolling Stone, Katz says that the current subscription-based model of streaming services have hurt artists and believes that there’s been a “devaluation of music” in the last two decades. In using blockchain technology, Katz wants to bring the value of music back and give artists a new way to distribute their music. He also says that NFTs will want to make users “own music again.”
Additionally, since blockchain operates on contracts, artists will be able to profit when owners resell. This also proves true to anyone who enters the contracts. For example, artists can enter a charity of their choice so that every time the NFT is resold, it will be able to receive a portion of the payment. Kings of Leon has donated the proceeds of the $50 token and the highest-priced “golden ticket” to Live Nation’s Crew Nation Fund for out of work touring professionals
Tokens will go on sale on YellowHeart starting Friday 12 pm Est and will run for two weeks. The sale of tokens, as well as the auction for the “golden ticket” NFT is scheduled to end at 8 pm Esrt. No additional NFTs will be offered after this period.