Musical guest Kings of Leon performs on January 18, 2017.
Andrew Lipovsky | NBC | NBCUniversal | Getty Images
The American rock band Kings of Leon sinks into the frenzy of non-expendable tokens, widely known as NFT.
The group announced that they would be releasing their latest album, “When You See Yourself”, in the form of NFT, becoming one of the first groups to do so. Kings of Leon offers their vinyl and digital downloadable album package for a testimonial for $ 50. It will premiere Friday at YellowHeart (an NFT ticketing and music platform) and will be open for two weeks starting at noon ET. After this two-week period, no more will be done.
Kings of Leon also offers more exclusive items as part of a series called “NFT Yourself”. People can bid for one of six “golden ticket” experiences, which offer fans four front-row seats to the show of their choice throughout the tour for life.
Cryptographic collectibles have been popularly exploited lately. The ownership of these assets is recorded in a blockchain, a digital book similar to the networks that support bitcoin and other cryptocurrencies. But unlike most virtual currencies, you couldn’t exchange one NFT for another in the same way you would with dollars or gold bars. Each NFT is unique and acts as a collector’s item that cannot be duplicated, which makes them rare for design.
In the case of music, proponents suggest that NFTs could help artists struggling with digital piracy, low rates of broadcasting rights, and the lack of tourist revenue from last year’s Covid-19 pandemic restrictions.
– Ryan Browne of CNBC contributed to this report.
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