fbpx

PROFILE

MY SUBSCRIPTION

LOGOUT

x

The latest industry news to your inbox.

    

I'd like to hear about marketing opportunities

    

I accept IQ Magazine's Terms and Conditions and Privacy Policy

news

Kings of Leon generate more than $2m from NFT sales

The band joins a number of acts, including Grimes and Shawn Mendes, in releasing a collection of non-fungible tokens on the blockchain

By IQ on 11 Mar 2021

Kings of Leon

image © Flickr/Meghan Gribben

American rock band Kings of Leon has generated more than $2 million from ‘NFT Yourself’, a collection of non-fungible tokens the band put up for sale through blockchain technology company YellowHeart.

A non-fungible token (NFT) is a form of cryptocurrency asset; a spendable token that you can exchange for other cryptocurrencies, or spend on goods where they’re accepted, on the blockchain (a Cloud for financial assets).

The ‘NFT Yourself’ sale, which ran from Friday to Monday, included the band’s new album ‘When You See Yourself’ as an NFT, as well as an auction of six different ‘Golden Tickets’.

Each ‘Golden Ticket’ would give the successful bidder four front-row seats to one show of every Kings of Leon headlining tour for life.

Of the Golden Tickets, ‘Bandit #3 Grid’ and ‘Heads in the Clouds’ sold for $91,000; ‘Golden Cherry Echo’ sold for roughly $95,700; ‘Bandit #1 Red’ and ‘Couch Distortion’ each sold for close to $97,000; and ‘Bandit #2 Wave’, which also included audio, sold for roughly $162,000.

Kings of Leon previously announced that Live Nation’s Crew Nation would receive the proceeds of both ‘Bandit Wave #2’ and the album tokens, which are priced at $50 each and include limited-edition vinyl and a digital download of the album.

The band has confirmed that $500,000 of the $2m has been donated to Live Nation’s Crew Nation fund

The band has confirmed that $500,000 of the $2m has been donated to Crew Nation fund to support live music crews during the pandemic.

The Golden Ticket auction was originally scheduled to end on Sunday but Kings of Leon ended up extending that deadline to give fans who are first-time NFT buyers a chance to partake.

“Breaking new ground is never easy….if it were, it wouldn’t be groundbreaking,” the band wrote in a since-deleted statement on YellowHeart’s website. “Many fans are first-time NFT buyers and are experiencing a learning curve. We hear you and are going to extend the ‘NFT Yourself’ Collection for an additional 24 hours, in hopes that more time allows more fans to participate in this historic offering.”

‘When You See Yourself’ can still be purchased as an NFT on YellowHeart’s website until 19 March but any limited-edition collectable NFTs that are not sold at the end of the sale will be deleted and no more will be made.

While Kings of Leon are reportedly the first act to release a new album as an NFT, a number of artists including Grimes, Shawn Mendes, Steve Aoki, Quavo, Lil Baby, 2 Chainz, Jack Harlow, Tory Lanez, Linkin Park’s Mike Shinoda, 3lau, Ozuna have released collections recently.

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

Leave a Reply

Your email address will not be published. Required fields are marked *