Rock band Kings of Leon will become one of the first artists in the mainstream music industry to give away a special edition of their album as a Non-Fungible Token (NFT).
NFTs are a unique form of cryptocurrency (online currency) which cannot be replaced with something else.
As The Verge explains: 'For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. '
In other words, every single NFT is unique and acts as a collector’s item that cannot be duplicated, making them purposely rare and thus more desirable.
The band, known for previous hit songs such as Radioactive and Sex on Fire, will offer their latest album, When You See Yourself, in the form of an NFT package with a vinyl and digital download priced at $50 (€41.52).
Kings of Leon are also offering more exclusive items as part of a series called 'NFT Yourself,' where followers can bid for one of six 'golden ticket' experiences, which offer fans four front row seats to the show of their choice during each tour for the rest of their lives.
The hitmakers also revealed that they will donate all proceeds from two of the offerings at their NFT auction — the $50 album NFTs and the highest-priced 'golden ticket,' named Bandit Wave #2 — to the Live Nation's Crew Nation fund, which supports out-of-work touring professionals.
Speaking on their decision to implement the use of this form of online currency, the band's creative director and Night After Night CCO, Casey McGrath, explained: 'We approached the release of When You See Yourself in such an analog way, from the band’s approach in the studio to shooting everything on film and went as far as literally pulling out the scotch tape and glue sticks, and dry transfer lettering.'