The ring is actually dropping three types of tokens as partially of a series called “ NFT Yourself, ” people involved in the project tells Rolling Stone. One type is a special album package, while a second character offers live show perks like front-row seats for life, and a third type is just for exclusive audiovisual artwork. All three types of tokens offer artwork designed by the band ’ south longtime creative partner Night After Night ; the smart contracts and intelligence within the tokens were developed by YellowHeart, a ship’s company that wants to use blockchain engineering to bring value back to music and better direct-to-fan relationships .
A quick summation : NFTs are a type of cryptocurrency, but rather of holding money, they can hold assets like art, tickets, and music. NFTs operate on on a blockchain, which is a publicly accessible and guileless network — meaning anyone can see the details of any NFT transaction. Computers involved in the transactions become part of the network, which keeps updating and can ’ thyroxine be hacked due its nature as many-headed hydra. In the event of NFTs, their value becomes subjective and consequently fluctuates, kind of like stocks. ( To learn more about the subject, read Rolling Stone ‘ s scout to crypto in music. )
NFTs previously had a a relatively underground following made up of DJs and producers. But these digital tokens have gone mainstream in the last class, as many musicians sought out extra gross streams in the concertless era of the pandemic. The likes of Portugal. The Man, Shawn Mendes, Grimes, and Linkin Park ’ s Mike Shinoda have gotten on circuit board in holocene weeks .
soon after YellowHeart beginning formed in 2018, the ship’s company garnered industry sake for crypto ’ south possibilities in ticketing, but founder and CEO Josh Katz says that ’ s equitable one aspect. As was the case with both Kings of Leon and Portugal. The Man, Katz offers consulting services through YellowHeart to educate artists about blockchain and create their NFTs .
Kings of Leon ’ south album will be released everywhere albums are released — Spotify, iTunes, Apple Music, Amazon — but the NFT interpretation available on YellowHeart will be the only product with particular perks. The token, priced at $ 50, includes enhanced media — kind of like an interchange, moving album cover — adenine well as a digital download of the music, and limited-edition vinyl. The sale of the album NFTs opens on Friday at 12 post meridiem E.T. and continues for two weeks. After that fourth dimension, no more will be made, and the NFT becomes a tradable collectible .
“ Over the last 20 years — two lost decades — we ’ ve seen the devaluation of music, ” Katz tells Rolling Stone. “ Music has become great at selling everything except music. There ’ sulfur been a subspecies to the bottom where, for ampere little money as possible, you have access to all of it. previously, it cost $ 20 to go get one song. ” He believes streaming ’ mho subscription-based professional rata model irreparably hurts artists, and NFTs will make modern fans want to own music again : “ It ’ s early stages, but in the future, I think this will be how people release their tracks : When they sell a 100,000 at a dollar each, then they just made $ 100,000. ”
YellowHeart is minting 18 unique-looking “ golden tickets ” as partially of the Kings of Leon NFT dismissal. Out of the 18, the band will auction six and vault the early 12 like a painter would do with a rare objet d’art from a series of art. “ Each one of those is a singular NFT with the most incredible Kings of Leon art you ’ ve ever seen, ” explains Katz .
Each “ golden ticket ” besides unlocks an actual concert ticket — marking the first time a music slate has been officially sold as an NFT. Whoever owns the token is guaranteed four front-row seats to any Kings of Leon concert during each tour for life. The token owner besides gets a VIP experience that includes a personal driver, a concierge at the show to take concern of their needs, a haunt with the band before the show, and exclusive loiter access. Upon leaving the picture, the fan ’ sulfur car will have four bags filled with every item from the merch booth .
Katz points out this is an “ extreme point exemplar to prove a point. ” YellowHeart wants to show people how much control can be put into the ticket with smart contracts. Going forward, he says this lapp technical school can be used for general tickets, which could be a huge promotion in the secondary market. Every time an NFT is resold, a share of money earned could go to the artist — or whoever is included in the shrink, possibly even a charity. ( In such instances, YellowHeart can besides set a maximum price that the NFT can be resold at, eradicating scalpers. )
In Kings of Leon ’ s final option, there are another six unique-looking tokens that are standard NFTs with complicate audiovisual art. Starting on Thursday, fans will be able to preview them on YellowHeart ’ s web site. Prices range from $ 95 to $ 2,500. YellowHeart will mint however many are sold before Sunday at 8 p.m. E.T., which is besides when the “ gold slate ” NFT auction will end. ( however, if person bids in the last 10 minutes of the auction, it resets for another 10 minutes. )
Over time, all of these NFTs are expected to increase in value. Thanks to those aforesaid chic contracts, proceeds generated from future resell will go where the artists want them to go. Kings of Leon decided to donate all proceeds from two of the offerings — the $ 50 album NFTs and the highest-priced “ golden tag, ” named Bandit Wave # 2 — to Live Nation ’ s Crew Nation fund for out-of-work tour professionals .
Katz says NFTs leave for maximum creativity around the let go of of content, which he believes is a huge disembowel in an long time when artists are taking a more DIY set about. He plans on YellowHeart becoming an entertainment wallet that holds fans ’ music, tickets, and collectible subject .
As crypto bursts into the music industry, Kings of Leon ’ sulfur visualize this workweek is by far the most extensive foray into NFTs so far. With it, the band wanted to “ deconstruct, pervert, and distort iconic ring symbols and photography, ” Kings of Leon ’ s team wrote in a press release that will go wide-eyed belated nowadays ( March 3rd ). “ The result is a stunning reimagination of this fabled isthmus ’ s torso of function. Using no outside material, every reservoir photograph was taken by either [ Kings of Leon creative film director and Night After Night CCO ] Casey McGrath or band extremity Matthew Followill. ”
“ We approached the release of When You See Yourself in such an analogue manner, from the isthmus ’ south set about in the studio to shooting everything on film and went a far as literally pulling out the thwart tape and glue sticks, and dry transplant letter, ” McGrath says in the release. “ To approach ‘ NFT YOURSELF ’ with a digital art mentality sent electricity through the work. For those in the distance that sympathize, they ’ ll appreciate the techniques of audio-generated visualize, model detection, and pixel morphing that we used to create this collectible art. For those that don ’ metric ton, we hope they ’ ll appreciate the undeniable power and emotion that results from the collision of analogue and digital. ”