Dive Brief:

• Kings of Leon released their newest album in the form of a type of cryptocurrency called a non-fungible token (NFT) last week, Rolling Stone reported. The album, "When You See Yourself," the band's 8th, is the industry's first to be released as an NFT, according to Tech Republic.
• Blockchain company Yellowheart built the package of tokens as part of a push for the music industry to embrace NFTs as a new way of connecting with audiences.
• The band has dropped three types of tokens as part of a series it calls, "NFT Yourself."

Dive Insight:

The album-as-NFT is an attempt by the band to find new ways to connect directly to audiences. They released three different types of tokens to provide a myriad of experiences for users. According to Rolling Stone, "one type is a special album package, while a second type offers live show perks like front-row seats for life, and a third type is just for exclusive audiovisual art."

The band created the rollout with blockchain company Yellowheart, founded in 2018. Yellowheart's company mission "is to create a symbolic relationship between artists and fans by empowering artists to sell music and tickets directly to their fans," CEO Josh Katz said to Rolling Stone.  

NFTs, a part of a crypto uptick in the music industry, let musicians see royalties for album sales much faster than with traditional royalty payments — a massive plus for bands that cannot tour, Katz said. Additionally, NFTs are advantageous for ticketing in the secondary market. Every time an NFT is resold, a percentage of money earned could go to the artist — or whoever is included in the contract, perhaps even a charity.

For $50, the first token comes with a digital download of the album, a limited-edition vinyl and enhanced media. This essentially functions as a deluxe edition of the album.

The second token is what the band is referring to as a "golden ticket." The band intends to auction off six of these tickets, then vault the remaining 12. Rolling Stone further explains that each "golden ticket" unlocks an actual concert ticket. Whoever owns the token is guaranteed four front row seats to any Kings of Leon concert during each tour for life. It also includes VIP interaction with the band, merchandise and chauffeured transportation to and from concerts.

The third token is a limited collection of six unique-looking tokens that are NFTs with elaborate audiovisual art. The prices range from $95 to $2500 and can be previewed on the Yellowheart website.