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’Breaking new floor is rarely straightforward’ — Kings of Leon’s NFT launch takes in $2M

03/10/2021

Kings of Leon generated $1.45 million to $2 million in gross sales from their new NFT releases and can donate a few of the proceeds to Stay Nation’s Crew Nation Fund.

The Kings of Leon’s tokenized album and NFTs sale that started on March 5 has generated a minimum of $1.45M, or 820 Ether, in gross sales in its first 5 days in keeping with figures on the Open Sea platform.

Nonetheless Rolling Stone studies {that a} band consultant estimates the income is above $2 million, with $600,000 of that going to the Crew Nation Fund for supporting stay music crews affected by the pandemic.

The landmark reportedly occasion suffered teething issues as most of the band’s followers have been full newcomers to cryptocurrency and NFTs, leading to a call to increase the sale by 24-hours. It can now conclude on March 20.

The band returned from a four-year break to launch their new album When You See Your self, which was first launched as an NFT and restricted version vinyl, which will probably be accessible for normal purchases from March 19. Unsold editions will probably be burned on the finish of the sale, including to the shortage of every token. Numerous different digital artworks have been bought, in addition to a handful of “golden ticket” experiences.

The revenue generated thus far is considerably lower than crypto influencer and DJ 3LAU’s latest album NFT drop which generated greater than $11 million in beneath 24 hours. The digital music producer auctioned off 33 NFTs in celebration of the third anniversary of his Ultraviolet album, which included by no means heard earlier than music, customized songs, and customized artwork.

Nonetheless, 3Lau’s crypto savvy viewers could be very totally different to Kings of Leon’s extra mainstream following. The band famous in a press release that being first got here with its challenges:

“Breaking new floor is rarely straightforward….if it have been, it wouldn’t be groundbreaking. Many followers are first-time NFT patrons and are experiencing a studying curve. WE HEAR YOU and are going to increase the NFT YOURSELF Assortment for an extra 24 hours, in hopes that extra time permits extra followers to take part on this historic providing.”

The NFTs have been launched in collaboration with YellowHeart, a blockchain-based ticketing platform that’s dealing with the public sale on NFT market OpenSea.

As a part of the discharge, KOL dropped six golden tickets which all have six copies up for public sale. The golden ticket NFTs gives followers a novel VIP expertise which consists of four-lifetime entrance row tickets to at least one headline present per tour, band meet and greets, 4 units of tour merchandise, transport to reveals, backstage hospitality, and extra.

One of many golden tickets fetched 89 Ether, or $160,000. The drop additionally features a tokenized albums,  animated GIFs and paintings.