The central theses
- Kings of Leon earned 1.4 million US dollars at ETH with an NFT auction for their album “When You See Yourself”.
- Exclusive album editions, digital artwork and lifetime concert passes were released as part of the Drop.
- Kings of Leon are the first band to use NFTs to release an album.
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Nashville rock group Kings of Leon just raised a seven-figure sum from their first NFT collection.
Kings of Leon Minting NFTs
Kings of Leon raised $ 1.4 million from a landmark NFT auction.
The collectionThe track “NFT Yourself” was published in collaboration with the crypto startup Yellowheart and was offered for sale at the weekend on the occasion of the release of Kings of Leon’s new LP “When You See Yourself”. It was the first drop of its kind for a band. Revenue was 766.4 ETH, which at today’s prices is around $ 1.4 million.
The drop included token versions of the album with a limited vinyl release and exclusive digital artwork. Unsold issues were burned at the end of the sale, increasing the scarcity of each token. Various other digital works of art and a handful of “Golden Ticket” experiences were sold.
The gold tickets included a lifetime pass to the band’s concerts that guaranteed four front row tickets and VIP treatment on each tour.
By far the most expensive NFT in the collection was “Golden Ticket: Bandit # 2 Wave”, which included audio clips from “When You See Yourself” and the lead single “The Bandit”. It was sold for 89 ETH.
Interestingly, the minimum price for at least one of the golden tickets was 50 ETH, around $ 90,000. Two of the tickets only received bids from 49 ETH and 6.6 ETH.
The auction ran on OpenSea Friday through Monday, and YellowHeart handled the bids. It was originally supposed to end on Sunday, even though the deadline was extended by 24 hours. In a statement on the YellowHeart website, Kings of Leon said:
“Breaking new ground is never easy … if it were, it wouldn’t be groundbreaking. Many fans are first-time NFT buyers and are experiencing a learning curve. WE HEAR YOU and will add another 24 hours to the NFT YOURSELF collection in the hope that more time will allow more fans to take part in this historic offer. “
It is possible that the auction was extended because certain items did not reach their reserve price.
Still, some speculators have already listed the items again in the hopes of making a decent profit. A user named BigBear listed the album NFT for a whopping 400 ETH.
NFTs and music
Crypto-lovers Music fans have long debated the Ethereum economy as a possible solution to the problems facing the music industry. The traditional model for music publishing is loaded with intermediaries and the artist is usually paid last in the chain. For example, streaming license fees are usually paid at the end of the year by a revenue collection agency and are usually only a fraction of a cent per stream.
NFTs can empower creators by allowing them to sell their work in exchange for instant payments in cryptocurrency.
The technology first caught on in the digital art world, but NFTs can include music, identification, and much more. Unlike tokens like BTC and LINK, each one is unique. This means that they can be demonstrably in short supply and ownership of a particular asset. The NFT movement is focused on Ethereum, which acts as a reserve for the space. Auction houses such as OpenSea and Rarible sell NFTs in exchange for ETH.
Although Kings of Leon is the first band to use Ethereum in this way, many other musicians have recently turned to NFTs to get their work out.
Last month, American DJ 3LAU followed a similar strategy to produce a limited drop of its “Ultraviolet” album, having led the movement at the top for the past few months. It made $ 11.7 million on the sale, making it the most valuable NFT release to date. Grimes also made a seven-figure sum from their recent Nifty Gateway drop.
Other great DJs like Steve Aoki, Carl Cox and Richie Hawtin have also jumped on board.
The Kings of Leon Drop is the one that has drawn the most attention in the mainstream world to date. With their auction appearing to be a success, the industry could soon see other great artists adopt the technology.
Kings of Leon was founded in Nashville, Tennessee in 1999 and is one of the most popular rock groups in the world. The band has won four Grammys and made headlines at festivals like Glastonbury and Lollapalooza. Her hit singles include “Sex on Fire”, “Molly’s Chambers”, “The Bucket” and “On Call”.
Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.
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