The drop has raked in over two million dollars with $600,000 directly benefiting Live Nation’s Crew Nation. At the forefront of this new wave, Kings of Leon has set the bar for innovation in this high-tech world. The unprecedented move has in affect created an entirely new template for releasing music and content to fans.
In a first of it’s kind launch, GRAMMY Award winning Kings of Leon dropped the first ever new album released in NFT format quickly becoming one of the most successful wide-scale use of NFTs within the music industry to date. One of the new pioneers of the NFT album and music movement, Kings of Leon, alongside technology partners YellowHeart and longtime creative partners Night After Night, are breaking ground for the music industry with the release of Kings of Leon’s eighth studio album, When You See Yourself, as an NFT. If you’ve got a celebrity story, video or pictures get in touch with the .uk entertainment team by emailing us calling 020 3615 2145 or by visiting our Submit Stuff page – we’d love to hear from you.Band raises over half a million dollars directly benefiting Live Nation’s Crew Nation ‘Whilst artificial scarcity can be created by NFTs, I would caution musicians against embracing this area too enthusiastically unless they discover that in the end it is their music that is fungible and outside of a few rich patrons, the world can live without,’ he stated. However, Hamer-Hodges offered a warning to artists who may be thinking of rushing to cash in, urging them to question whether their music is worth the hassle of an NFT in the first place. ‘Adding value to the concept that artists and/or creators can blur the lines between music and content to generate income, especially in this temporary lull in touring, by using innovative and powerful solutions.’
Joe Biden ‘to set regulations on cryptocurrency’ as Russia uses it to evade sanctions However, on the chance an artist does decide to offer songs exclusively through the purchase of an NFT, Hamer-Hodges said: ‘Even if one committed and very rich fan was willing to finance the whole endeavour, a modern variation of royal patronage, it wouldn’t make for a thrilling gig experience when the rest of the audience don’t know the words to sing along.’ In this case, Kings of Leon’s album is still widely available on most streaming platforms in addition to the crypto version so fans shouldn’t really miss out. ‘Exclusivity in music has never made much sense as most artists want their art and music to be appreciated by the widest audience possible.’ However, with the popularity and value of NFTs seemingly soaring at the moment, they could become an asset to the future of the music business.Īnthony Hamer-Hodges, Programme Leader – Music Business Management at London College of Creative Media (LCCM), told .uk: ‘The current hype around NFTs is interesting as it demonstrates these essential economic principles of scarcity, value, supply and demand whilst simultaneously being much harder to pin down.’Ī little sceptical about it all, Hamer-Hodges added: ‘What is actually being exchanged if the album is subsequently available later to other fans?
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