Non-Fungible Tokens are unique digital assets that are publicly verifiable intellectual properties that are authenticated on a blockchain. Each NFT contains distinct information, such as the owner and the buyer, making it impossible to copy. Examples of NFT are paintings, virtual land, games, and music, so almost anyone can create, own, and sell an NFT.
The Kings of Leon is an American alternative rock band that started out around the year 2000 in Nashville, Tennessee. The band comprises three brothers, Nathan, Jared, and Caleb Followill, along with their cousin Matthew Followill. They were better known in the UK and Europe than in America when they first started, but their fifth album, “Only By Night,” went platinum and was nominated for three Grammys, and they were later inducted into the Rock and Roll Hall of Fame.
Over the past decade, artists have struggled to have control of their funds and have always sought ways to protect their intellectual property from digital piracy and big companies profiting off of musicians, whereby 85% of albums sold have no record labels, and musicians are left with only 15%, from which they pay the agents and staff. When Kings of Leon released their album as an NFT, they were looking to address issues like these.
On March 5th, 2021, the Kings of Leon released their album “When You See Yourself” as an NFT. The album will be part of a 3-token series called “Nft Yourself” that will be offered as a package for a price of $50. This token also provides exclusive packages in which six of these NFT holders can bid on and win a “golden ticket,” which provides four front-row tickets to any Kings of Leon concert for the rest of their lives. The Kings of Leon realized over $2 million in album sales within a week of the album’s release, which means they are the sole owners of the money.
The “NftYourself” series was designed by Night by Night, and YellowHeart developed the token and smart contract.
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Image Source – Kings of Leon
