One type is a special album package, while a second type offers live show perks like front-row seats for life, and a third type is just for exclusive audiovisual art. All three types of tokens offer art designed by the band’s longtime creative partner Night After Night; the smart contracts and intelligence within the tokens were developed by YellowHeart, a company that wants to use blockchain technology to bring value back to music and better direct-to-fan relationships.
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A quick rundown: NFTs are a type of cryptocurrency, but instead of holding money, they can hold assets like art, tickets, and music.
Nft meaning kings of leon
Out of the 18, the band will auction six and vault the other 12 like a painter would do with a rare piece from a series of art. “Each one of those is a unique NFT with the most incredible Kings of Leon art you’ve ever seen,” explains Katz.
Each “golden ticket” also unlocks an actual concert ticket — marking the first time a music ticket has been officially sold as an NFT. Whoever owns the token is guaranteed four front-row seats to any Kings of Leon concert during each tour for life. The token owner also gets a VIP experience that includes a personal driver, a concierge at the show to take care of their needs, a hangout with the band before the show, and exclusive lounge access.
The economics of that are entirely plausible.
Further reading: How to Mint an NFT From The Contract Using Etherscan | Start with NFT&x27s
However, for most artists, the product mix is such that they need people to listen to their music, which in turn drives them to see the artist live and buy their merchandise. The vast majority of people now listen to and discover music through streaming, so they need to be on those platforms.
I think about Taylor Swift’s recently re-recorded album, ‘Fearless (Taylor’s Version)’, which would make a great NFT album as the narrative around that is she lost the rights to her early albums, is re-recording them, and I’m sure her fanbase would be happy to reward her for that effort and the stress of losing her originals by paying for the NFT.
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The album, entitled “When You See Yourself,” is set for a limited release on YellowHeart—a music and ticketing platform specializing in NFTs.
CEO Josh Katz founded YellowHeart in order to help solve the problem of concert tickets being unfairly sold by scalpers. He started running all of the ticket sales through blockchain in order to keep all of the sales and revenue within YellowHeart and prevent ticket forgery.
Kings of Leon will be the first musical group to release a full album via NFT. It will be a unique buying experience for the band’s fans.
YellowHeart is facilitating the NFT sales where Kings of Leon will release their newest album. The $50 token gets you a package including a vinyl album and a digital download.
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Kings of Leon’s NFT album, on the other hand, is built on the Ethereum blockchain, which is practically the third money after Bitcoin.
To put it another way, your record is a physical investment opportunity of cryptocurrency.
As Diamond and the entire cryptocurrency rise and fall (and far more possible collecting entering the industry), the valuation of that NFT is projected to change proportionally.
How Could I Become A Gamestop Millionaire With “When You See Yourself?“
Every cryptocurrency’s ultimate goal is to become the first to be adopted by the general public and to eventually replace the money. It’s a safe bet that the strength of that cryptocurrency will rise, and so will the price of your NFT album.
Nft meaning kings of leonard
The other six sit at $13,821, $42,351, $12,943 and $13,061.
What if they don’t sell? YellowHeart, the company behind this NFT plan, says “All limited edition collectable assets that are not sold at the end of the sale will be burned and no more will be made.”
Too rich for you? There’s an unlimited number of “open edition” NFTs that come with special artwork available for US$59.29.
UPDATE: The auction extension worked. When all was said and done, the band saw sales of more than US$2 million from NFTs. That’s fresh, novel revenue for the band. Of that, US$500,000 will be donated to Live Nation’s ‘Crew Nation’ Covid-19 relief fund which helps out-of-work roadies.
The band made this statement: “Breaking new ground is never easy….if it were, it wouldn’t be groundbreaking.
Putting aside the fact that it’s front-row tickets to gigs that are unlikely to be happening in any meaningful way for another year, it’s quite common for bands to break up, or stop touring, or wane in popularity.
Can you ever see it as being a sole method of distributing music or will it always be a niche?
I think certain bands, like the ones I mentioned, could make a real statement by pulling themselves off streaming platforms and say “we’re NFT-only now”. They’ll have a hardcore fanbase who will pay a premium for their work and they could possibly offset their streaming revenue in that way.
Nft meaning kings of leonidas
I share just to highlight the gas fee per NFT transaction is absolutely a factor to consider when prepping your crypto budget before purchasing.
My understanding is depending on your requirements on transaction speed, you can adjust the gas you are willing to pay. I am very confident I do not fully understand how I could have adjusted this and potentially saved some money. At the end of the day, I just wanted to be a part of the NFT release and accepted that there was a cost to using the network.
Hopefully in 30 years someone reads this blog post and laughs at my hesitance of paying an extra $28 when this NFT is selling for thousands.
Since I did not opt for the fastest gas fee, the transaction was not instantaneous.
This has effectively democratised the TV and film production process.
Fundraising and distribution are no longer restricted to massive studios with big budgets and industry connections. Smaller firms can now take control of their finances by using NFTs – they can essentially source their own investors at scale.
More content being produced by ambitious firms can only be a good thing for audiences.
However, NFTs aren’t just impacting the financial side of things. Enhanced customer engagement is a big plus for both larger and smaller studios.
The evolving role of consumers isn’t limited to sitting and watching the final product.
Seront également « minés », c’est-à-dire créés, 18 NFT spécifiques baptisés « golden tickets », dont six seront mis aux enchères, les 12 autres étant conservés précieusement par le groupe pour l’instant, explique le magazine « Rolling Stone » .
Ces « billets en or » donnent accès des concerts pour toutes les tournées à venir du groupe de même qu’un traitement VIP : chauffeur, premiers rangs, accès backstage et tous les produits dérivés vendus ce soir-là. Tous les NFT vendus contiennent aussi des oeuvres d’art numériques de Night after night, le partenaire créatif de Kings of Leon, mais six autres NFT vendus aux enchères en auront encore davantage.
De fait, c’est dans les arts visuels que les NFT ont d’abord fait sensation. L’artiste Grimes a vendu une dizaine d’oeuvres numériques , dont des vidéos, pour 6 millions de dollars par ce biais.