American Rock Band King of Leon is the latest to catch up with the NFT bug. In their latest announcement, the group said that it will release its new album “When You See Yourself,” in the form of NFT. The group added that it will release its new album on the music NFT platform YellowHeart this Friday noon.
The sale process will happen over the window of two weeks post which no more NFTs will be made. The album package comes in the form of vinyl and digital download for a token price of just $50.
Besides, the rock ban plans to offer several other exclusive items in the form of a series called “NFT Yourself”. They also plan to roll-out six golden ticket experiences that offer front-row seats to the purchasers for life, for any of their tour shows. The rock band shall be dropping three types of tokens as part of this series.
The first type includes a special album package, the second type is the live-shows perk, and the third type is exclusive audiovisual art, reports Rolling Stones. The art in all these three types of tokens has been designed by long-time partner Night After Night.
As said, the music NFT platform YellowHEart has been responsible for the implementation of the smart contracts within the tokens. YellowHeart CEO Josh Katz told Rolling Stones:
“Over the last 20 years — two lost decades — we’ve seen the devaluation of music. Music has become great at selling everything except music. There’s been a race to the bottom where, for as little money as possible, you have access to all of it. Previously, it cost $20 to go get one song”.
Katz said that he is not a fan of the subscription-based pro-rata model. He thinks that NFTs will bring back those times wherein fans can own music again. “It’s early stages, but in the future, I think this will be how people release their tracks: When they sell a 100,000 at a dollar each, then they just made $100,000.”
The NFT Mania Brings Art and Crypto Together
Blockchain-based non-fungible tokens (NFTs) have created a new rage in the market. Each NFT is a special type of cryptographic token that represents something unique. Thus, they are not mutually interchangeable.
NFTs serves as the perfect form of digital collectibles leveraging the transparency and security of blockchain technology. Thus, NFTs can represent any form of art like digital artwork, music album, sports cards, etc. since each NFT is unique, they also eliminate digital piracy.
The world’s oldest auction house Christie’s recently sold the digital artwork by Mike “Beeple” Winkelmann using NFTs. Also, the National Basketball Academy (NBA) has partnered with Dapper Labs to offers its own version of NFTs over the Flow blockchain.
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