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Kings of Leon musical guest performs on January 18, 2017.
Andrew Lipovsky | NBC | NBCUniversal | Getty Images
American rock band Kings of Leon is embarking on the frenzy of non-fungible tokens, widely known as NFT.
The group have announced that they will be offering their latest album, “When You See Yourself”, as an NFT, making them one of the first groups to do so. Kings of Leon is offering their album pack with a vinyl and a digital download for a token priced at $ 50. It will release Friday on YellowHeart (an NFT ticketing and music platform) and open for two weeks starting at noon ET. After this two week period, there will be no more.
Kings of Leon also offers more exclusive items as part of a series called “NFT Yourself”. People can bid on one of six “Golden Ticket” experiences, which offer fans four front row seats to the show of their choice during each lifetime tour.
Crypto collectibles have exploded in popularity lately. Ownership of these assets is recorded on a blockchain – a digital ledger similar to the networks that underpin bitcoin and other cryptocurrencies. But unlike most virtual currencies, you can’t trade one NFT for another 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, making them rare by design.
In the case of music, supporters suggest NFTs could help artists struggling with digital piracy, low streaming royalty rates, and lack of touring revenue since the last year of restrictions from the Covid-19 pandemic. .
– CNBC’s Ryan Browne contributed to this report.
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