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The Kings of Leon’s tokenized album and NFT sale that began on March 5 generated at least $ 1.45 million, or 820 Ether, in sales in its first five days, according to figures from the plate. -Open Sea shape.
However, Rolling Stone reports that a representative of the group estimates revenues to be over $ 2 million, of which $ 600,000 goes to the Crew Nation Fund to support live music teams affected by the pandemic.
The landmark event reportedly suffered from start-up issues as many of the group’s fans were new to cryptocurrency and NFTs, which led to the decision to extend the sale for 24 hours. It will now end on March 20.
The band returned from a four-year hiatus to release their new album When you see yourself which was first released as a limited edition NFT vinyl, which will be available for regular purchases from March 19. Unsold editions will be burnt at the end of the sale, adding to the rarity of each token. Various other digital art pieces were sold, along with a handful of ‘golden ticket’ experiences.
The revenue generated so far is significantly lower than that of the crypto influencer and DJ’s recent album 3LAU, NFT, which grossed over $ 11 million in less than 24 hours. The electronic music producer has auctioned 33 NFTs to celebrate the 3rd anniversary of his Ultraviolet album, which included music never heard before, custom songs, and custom artwork.
However, 3Lau’s crypto-savvy audience is very different from the more mainstream Kings of Leon. The group noted in a statement that being the first came with its challenges:
“Breaking new horizons is never easy… if it were, it wouldn’t be revolutionary. Many fans are first-time NFT buyers and experience a learning curve. WE ARE HEARING FROM YOU and will extend the NFT YOURSELF collection by an additional 24 hours, in the hope that more time will allow more fans to participate in this historic offering.
The NFTs were published in collaboration with YellowHeart, a blockchain-based ticketing platform that manages auctions on the NFT OpenSea marketplace.
As part of the release, KOL dropped six gold tickets which all have six copies up for auction. NFTs Gold Ticket offers fans a unique VIP experience which consists of four lifetime front row tickets for one headlining show per tour, group meet and greetings, four sets of tour merchandise , transportation to shows, backstage hospitality, and more.
One of the gold banknotes brought in 89 Ether, or $ 160,000. The drop also includes tokenized albums, animated GIFs, and artwork.
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