Daily sales and buyers of NFT music album from Kings of Leon in March 2021
Compared to other NFT projects like crypto art, the collection of non-fungible tokens did not earn as much money. Nevertheless, this music sale is seen a major development within the music industry as it can both potentially benefit music artists and remove the need for record labels: The NFT creator (Yellowheart, in this case) can set up a blockchain smart contract in such a way that sales go directly to artists or, more significantly, they can claim a percentage of any resale on the blockchain.
Kings of Leon released their latest album as an NFT for a few days in March 2021, with sales being worth several hundreds of Ethereum. The rock group is the first (major) band ever to do such a thing. The Nashville rock band decided to team up with a New York blockchain startup called Yellowheart - a company co-founded by American electronic DJ and production duo The Chainsmokers - to release a limited edition NFT of their newest album, along with other perks. For instance, there was also an auction of six different "Golden Tickets," each giving the owner four front-row seats to a single show of every Kings of Leon headlining tour for the rest of his/her life. The band confirmed to have made "over two billion U.S. dollars" after the first four days.