According to Rolling Stone, Kings of Leon will be making history this Friday as the first band to release an album in the form of a non-fungible token (or NFT) via blockchain technology.
The new album, titled When You See Yourself, is one of three tokens the band will be releasing...the special album package, one offering live show perks like front-row seats for life, and a third for exclusive audiovisual art.
In case none of this is making sense, a quick explanation: NFTs are a type of cryptocurrency, but instead of holding money (like Bitcoin), these can hold assets like art and music (or apparently concert tickets). NFTs operate on a blockchain, which is a publicly accessible network, so anyone can see the details of any NFT transaction. Computers involved in the transactions become part of the network (blockchain). The value of an NFT becomes subjective and fluctuates like a stock. This doesn't totally make sense to me, but I've been seeing NFTs discussed more and more lately with regard to art, music, even digital trading cards. For a much more thorough explanation of NFTs and cryptocurrency, click through to the Rolling Stone piece linked above.
When You See Yourself will also be released to all the usual places - iHeartRadio, Apple Music, Amazon, etc. - but the $50 NFT version will be the only way to get special perks like an enhanced media cover, digital download of the music, and a limited-edition vinyl. The NFT will be available for two weeks and then no more will be available. The existing NFTs will at that point become tradable collectibles.
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