The tokenized Kings of Leon album and the sale of NFTs that started on March 5 generated at least $ 1.45 million, or 820 Ether, in sales in the first five days, according to data from the Open Sea platform.
However, Rolling Stone reports that a band representative estimates that revenue is over $ 2 million, with $ 600,000 of that going to the Crew Nation Fund to support live music teams affected by the pandemic.
The historic event reportedly suffered initial problems, as many of the band’s fans were new to cryptocurrency and NFTs, resulting in the decision to extend the sale by 24 hours. It will now be completed on March 20.
The band returned from a four-year break to release their new album When you see yourself, which was first released as a limited edition vinyl and NFT, which will be available for regular purchases starting on March 19th. Unsold editions will be burned at the end of the sale, increasing the scarcity of each token. Several other digital works of art were sold, as well as a handful of “golden ticket” experiences.
The revenue generated so far is significantly less than the crypto influenceencer and DJ 3LAU’s recent NFT album, which generated more than $ 11 million in less than 24 hours. The electronic music producer auctioned 33 NFTs in celebration of the third anniversary of his Ultraviolet album, which included music never heard before, personalized songs and personalized art.
However, the public with knowledge of 3Lau’s cryptography is very different from the more conventional followers of Kings of Leon. The band noted in a statement that being first came with its challenges:
“Pioneering new paths is never easy … if it were, it would not be innovative. Many fans are NFT buyers for the first time and are going through a learning curve. WE HEARD YOU and we will extend the NFT YOURSELF Collection for another 24 hours, in the hope that more time will allow more fans to participate in this historic offer. “
The NFTs were launched in collaboration with YellowHeart, a blockchain-based ticket platform that is handling the auction in the OpenSea NFT market.
As part of the launch, KOL released six gold tickets, all with six copies at auction. The golden NFTs ticket offers fans a unique VIP experience consisting of four lifetime tickets to a main show per tour, band meetings and greetings, four sets of tour merchandise, transport to shows, behind-the-scenes hospitality and more.
One of the golden tickets yielded 89 Ether, or $ 160,000. The fall also includes tokenized albums, animated GIFs and art.