Kings of Leon will release their new album, titled When You See Yourself, as a non-fungible token (NFT), becoming the first band ever to release a crypto-album as NFT.
NFTs refer to a form of cryptocurrency that possesses assets such as art, tickets, and music. Since NFTs operate using a blockchain, a transparent and publicly accessible network, anyone is able to view transaction details.
The value of NFT becomes subjective and will fluctuate in a way that is reportedly comparable to the stock market. As reported by Rolling Stone, Kings of Leon will release three types of tokens as part of their “NFT Yourself” series.
A turning point in the field of music
One type of token will feature a special album package, while a second will offer live concert benefits such as lifelong front row seats. A third type of token will be reserved for exclusive audiovisual art only.
All three of these tokens will offer art designed by the band's longtime creative collaborator Night After Night, while smart contracts and intelligence have been developed by YellowHeart, a company that aims to use blockchain technology to increase the value of music and improve direct-to-fan relationships.
YellowHeart founder and CEO Josh Katz told Rolling Stone: Over the past 20 years - two decades lost - we've seen music devalue. Music has become great at selling everything but music.
There has been a race to the bottom, with which you can access anything by paying less and less. Before you had to spend $ 20 to get a song.
Katz believes the subscription-based pro rata models offered by streaming platforms have hurt the income prospects for musicians and hopes NFTs will lead modern music fans to want to own their music again.
He added: These are just the early stages, but in the future, I think this will be how people release their tracks: when they sell 100.000 tracks for a dollar each, they can make $ 100.000.
Where will the album be released?
When You See Yourself will also be released on mainstream streaming platforms such as Spotify, iTunes, Apple Music and Amazon (Amazon shares - ticker AMZN). However, the NFT version available on YellowHeart will be the only product offering special benefits for fans of the popular music band.
The token in question, which is priced at $ 50, will include advanced multimedia content, as well as digital music downloads and a limited edition vinyl.
Sales will open just tomorrow, Friday, February 5 at 12 noon (ET) and will continue for a two-week period. Subsequently, no further tokens will be created, so the NFT will become a negotiable collector's item.
Are you passionate about music? What do you think of this move by Kings Of Leon? If they succeed in their feat, they will be remembered in the history books. Let us know what you think in the comments below.