Nirvana's NFTs featuring rare images from the band will be auctioned next month

Nirvana's NFTs featuring rare images from the band will be auctioned next month - 1296644Those Nirvana fans with some cash left over from last week's cryptocurrency crash will have the opportunity to own a piece of their favorite band's history immortalized on the blockchain.

On February 20, 2022, an auction will be held featuring never-before-seen images and artwork from Nirvana. The auction will be crypto-only and will take place on the same day as the birthday of Kurt Cobain, leader of the iconic band, who committed suicide on April 5, 1994.

Nirvana immortalized on the Blockchain

The auction will include 27 images and 15 never-before-seen works of art created from a series of photos taken by photographer Faith West on October 1, 1991, during a concert by the band at JC Dobbs in Philadelphia, six days before the album's release. Nevermind.

The images, which are now on display at Rarible, include black and white photos as well as some psychedelic color edits and some GIFs with various moving images.

The auction is organized by Pop Legendz, a startup that coins NFTs related to the music industry. NFTs aren't all cheap, although the token price can be justified considering the band has acquired legendary status in the rock scene. Additionally, the material was not publicly available until the time of the announcement. The price for each image starts from 1ETH and 67ETH for GIFs. The auction will likely end at much higher prices.

Winners will not only receive the NFT. They will also get a unique framed, 16 "x24" print of one of the images signed by the photographer.

For Nirvana Fan Club members, there are special conditions: 100 users will be able to purchase GIFs for $ 499, and 100 images will sell for $ 99. Only members of this club will be able to pay by credit card. All other buyers will have to pay with cryptocurrencies.

Half of the proceeds will be donated to The Trevor Project. This charity helps young people from the LGBTQ + community to prevent suicides. Another part will go to Grid Alternatives, an organization that distributes solar panels to low-income families.

NFTs and the entertainment industry

NFTs are unique tokens that use the properties of a blockchain standard to prove ownership. Unlike regular cryptocurrencies or non-fungible tokens which can be exchanged for others with exactly the same properties (such as 1 BTC or 1 ETH), NFTs are minted one at a time and have their own properties. Hence their name.

Since they are unique, their main use is as proof of identity or ownership. And in recent months, the entertainment and gaming industry has been able to take advantage of their characteristics.

Outside of the gaming world, which is a booming industry, more and more artists are launching NFT collections that offer a unique user experience. From concert tickets to song royalties, NFTs are revolutionizing the way artists understand their relationship with fans.