What are NFTS? Why Blockchain might save the music industry.
Cryptocurrency has officially entered its Dad-rock phase.
On Wednesday, Kings of Leon announced that their eighth album, When You See Yourself, will be available as a non-fungible token (or NFT for short). For $50 you can buy a unique digital copy of the album, complete with audiovisual art and videos from the band’s live shows. At an online auction this weekend, fans can also bid on six golden ticket NFTs guaranteeing front row seats to every Kings of Leon concert from now until the end of time (or whenever the band breaks up). As of publication, the highest bid was $11,622.
Celebrity artists making money selling cheap products and VIP access to fans is nothing new. People pay for autographs, so why not a blockchain receipt that points back to the celebrity’s crypto wallet? Even better, it (usually) costs a lot less to mint 200 non-fungible tokens (NFTs) than to ship 200 t-shirts.
But are NFTs just the latest crypto trend, or the future of the music industry? Here’s why this technology might be the most important development since the invention of blockchain, and what it means for the future.