Kings of Leon are the first band to release an album as NFT. It’s called When You See Yourself.
According to a report by Rolling Stones, three types of NFT will be available:
- A special version of the album:
- A version that offers perks at live shows, like front row seats,
- A version with audiovisual art.
In any case, the “NFT Yourself” version, i.e. the album (also available as a joint download or on vinyl) in a non-fungible token version, despite some difficulties, was a success that allowed them to raise $2 million in a few days.
The album was issued in collaboration with the YellowHeart platform, which is set to be a leader in this special sector that is combining music and blockchain.
The success of Kings of Leon, a turning point for NFTs
This first experiment represents a breakthrough for the music industry, which is entering the blockchain in a new way. Much like sports is doing with the Chiliz fan tokens, in music it is NFTs that are marking a new way of engaging fans.
Simon Peters, analyst at eToro, commented on the success of Kings of Leon’s NFT inversion album:
“The Kings of Leon achieved sales of $2m of their first ever album in an NFT – or non-fungible token – format, which gives fans of the band the chance to get exclusive content and lays the groundwork for other artists to follow suit. However, as well as being a new development for the music industry, it also bodes well for cryptoassets”.
For Simon Peters, this will increase the adoption of Ethereum, on which NFTs are based, and could also lead to the growth of the entire cryptocurrency industry.
“NFTs sit on platforms including the Ethereum network, and as we are only at the tip of the iceberg in terms of the widespread adoption and use of NFTs, we expect this will provide yet more impetus for Ethereum and its peers”.
This is the consecration of art on Ethereum:
“Critics often argue about what is the real-world case for some cryptoassets, but here we see just how easily they can enter huge markets, like the multi-billion dollar music industry, and become mainstream. This is just the beginning of this NFT explosion. Digital artwork NFT Cyberpunks recently changed hands for huge sums, as the art world begins its own adoption of them, and blockchain networks like Ethereum, which enable them, are going to reap the rewards”.
As well as the consecration of Ethereum itself.