More than two decades after it released its first album, Kings of Leon was honored at the Rock & Roll Hall of Fame. But what got the southern-inflected rock band to Cleveland last April was not its music: it was its non-fungible token (NFT) called “NFT Yourself.”
The digital tokens went on sale in March for the Ethereum equivalent of $50 a pop, and included a copy of the band’s latest album, a unique piece of artwork, a one-off gold record and musical outtakes. Over the two weeks it was available, KoL moved 6,500 copies of “NFT Yourself” for a total of $2.2 million, including six “Golden Tickets” that sold at an average price of $100,000. Those extra-special NFTs included lifetime VIP concert access to one show per tour, complete with a chauffeur. Since the original two-week offer, the NFTs have generated another $246,000 in aftermarket sales, with the band collecting 10% of that.
While the financial performance wasn’t revolutionary, the ripple effects are being felt throughout the music industry.
Read the full profile on Forbes: forbes.com/sites/michaeldelcastillo/2021/08/13/are-nfts-the-new-napster-this-time-the-music-industry-isnt-taking-chances/?sh=258b39c65a90
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