Kings of Leon first album via NFT
Last week, the already world-famous rock band Kings of Leon grabbed a few additional headlines for the release of the new album by announcing that it would be accessible within an NFT. An NFT is a unique”non-fungible token” that acts as an electronic certificate of authentication and can be used to demonstrate possession of a particular piece of music, artwork, or merch or secure access to live shows.
It differs from a typical digital ticket or download file in that it can not be replicated. NFTs are contrasted to digital currencies such as Bitcoin or Ether, but they differ in a few important ways — that we will get into in more detail afterwards.Obviously, artists using gimmicks to change albums is not anything new. But sometimes the attention these gimmicks exude helps drive the momentum required for bigger changes.
Where U2 and Radiohead aimed to set their songs in as many people’s hands as you can, rarity is much more often employed as a simple means to raise value. Limited-edition releases are commonplace, and business initiatives such as Record Store Day flourish them off. However, the ease with which digital files can be shared and replicated dismantles the idea of private ownership. The early-Noughties boom in electronic audio piracy just about brought the business to its knees.
The subsequent creation of streaming — as well as the capability to take the history of recorded audio about in your pocket for only a tenner per month — has caused the distinction between scarcity and ubiquity sharper. Albums that are not accessible on streaming solutions nowadays are considered even sexier as an outcome, but these instances are few and far between. NFTs, some say, would be the response. Such transactions are becoming more prevalent in the gambling world over the last couple of decades.
CryptoKitties, a game that allows players to exchange digital cats to get crypto coins, is your most commonly proffered ancient example. More lately, players have auctioned virtual race tracks (access to that can then be leased to other gamers ). It has taken the music sector somewhat more time to catch up.