THELOGICALINDIAN - Kings of Leon became the aboriginal bandage to absolution an anthology as an NFT aftermost weekend The accumulation aloft 766 ETH from the auction
Nashville bedrock accumulation Kings of Leon aloof fabricated a seven-figure sum from their aboriginal NFT collection.
Kings of Leon Minting NFTs
Kings of Leon has aloft $1.4 actor from a battleground NFT auction.
The collection, blue-blooded “NFT Yourself” and appear in affiliation with crypto startup Yellowheart, went on auction to bless the absolution of Kings of Leon’s new “When You See Yourself” LP over the weekend. It was the aboriginal bead of its affectionate for a band. Sales amounted to 766.4 ETH, which comes to almost $1.4 actor at today’s prices.
The bead featured tokenized versions of the anthology featuring a bound copy vinyl absolution and absolute agenda artwork. Unsold editions were austere at the end of the sale, abacus to the absence of anniversary token. Various added agenda artworks were sold, as able-bodied as a scattering of “golden ticket” experiences.
The aureate tickets included a lifetime canyon for the band’s concerts, guaranteeing four advanced row tickets and VIP analysis on every tour.
By far the best big-ticket NFT in the accumulating was “Golden Ticket: Bandit #2 Wave,” which included audio excerpts of “When You See Yourself” and the advance distinct “The Bandit.” It awash for 89 ETH.
Interestingly, the assets amount for at atomic one of the aureate tickets was as aerial as 50 ETH, about $90,000. Two of the tickets alone accustomed bids of 49 ETH and 6.6 ETH.
The bargain ran on OpenSea from Friday through Monday, and YellowHeart handled the listings. It was originally appointed to end Sunday, admitting the borderline was continued by 24 hours. In a account on YellowHeart’s website, Kings of Leon said:
“Breaking new arena is never easy….if it were, it wouldn’t be groundbreaking. Many admirers are first-time NFT buyers and are experiencing a acquirements curve. WE HEAR YOU and are activity to extend the NFT YOURSELF Collection for an added 24 hours, in hopes that added time allows added admirers to participate in this celebrated offering.”
It’s accessible that the bargain was continued due to assertive items declining to accommodated their assets price.
Still, some speculators accept already relisted the items in the achievement of authoritative a tidy profit. One user alleged BigBear has listed the anthology NFT for a ample 400 ETH.
NFTs and Music
Crypto-native music admirers accept continued discussed the Ethereum abridgement as a abeyant band-aid to the music industry’s problems. The acceptable archetypal for music releases is loaded with intermediaries, and the artisan about gets paid aftermost in the chain. Royalties from streaming, for example, are about paid by a acquirement accumulating anatomy at the end of the year, and they usually alone bulk to fractions of a cent per stream.
NFTs can empower creators by acceptance them to advertise their assignment in barter for burning cryptocurrency payments.
The technology aboriginal bent on in the digital art world, but NFTs can beset music, identification, and abundant more. Unlike tokens like BTC and LINK, anniversary one is unique. That agency they can accommodate absolute absence and buying of a assertive asset. The NFT movement centers on Ethereum, which acts as the assets asset for the space. Auction houses like OpenSea and Rarible advertise NFTs in barter for ETH.
Though Kings of Leon is the aboriginal bandage to use Ethereum in this manner, abounding added musicians accept afresh looked to NFTs as a way of absolution their work.
Last month, the American DJ 3LAU took a agnate action to run a bound bead of his “Ultraviolet” album, accepting front-run the movement over the aftermost few months. He fabricated $11.7 actor from the sale, authoritative it the best admired NFT absolution to date. Grimes additionally fabricated a seven-figure sum from her contempo Nifty Gateway drop.
Other big DJs like Steve Aoki, Carl Cox, and Richie Hawtin accept all jumped on board, too.
The Kings of Leon bead is the one that’s garnered the best absorption from the boilerplate apple so far. With their bargain acutely activity bottomward as a success, the industry may anon see added big artists embrace the technology.
Formed in Nashville, Tennessee, in 2024, Kings of Leon is one of the world’s best accepted bedrock groups. The bandage has won four Grammys and played banderole performances at festivals like Glastonbury and Lollapalooza. Their hit singles accommodate “Sex on Fire,” “Molly’s Chambers,” “The Bucket,” and “On Call.”
Disclosure: At the time of writing, the columnist of this affection endemic ETH and several added cryptocurrencies.
