Separately, the band also minted 18 unique “golden ticket” NFTs, which unlock for the user more art and four front-row seat tickets to any Kings of Leon concert during each tour for life. Distribution of these codes began on the March 5 and ended on March 19, when they were effectively discontinued.
KINGS OF LEON USE SOMEBODY GUITAR TONE DOWNLOAD
NFTs can also be grouped to create larger, complex and more unique NFTs, such as the album tokens being offered by Kings of Leon, where one token valued at $50 includes an exclusive dynamic album cover artwork, a digital download of the album and a limited-edition vinyl record. Essentially, the NFT becomes a unique, yet limited collectible to the buyer alone that can be traded to another at the owner’s discretion, at whatever price they name. Non-fungible tokens are like the inverse of cryptocurrency, in the way that instead of representing standardized divisions of value, they represent pieces of property - property which can be defined as anything from a bag of berries, or a parcel of land, to, you guessed it, a portion of a studio recording of your favorite band’s new album. This finally brings us to NFTs and the groundbreaking nature of the new Kings of Leon album. Since the crypto miners are compensated for their crypto-coin generation with physical money, the coins are also representative of said value. Cryptocurrency is successfully “mined” when it is completely generated through a very strict algorithm that gives each coin a specific ID that is completely unique, traceable and non-reproducible. Visionaries have opted to revamp this antiquated system into what is called cryptocurrency - like physical money but represented in bits of information that can be transferred near instantaneously among global accounts.Ĭryptocurrency is “mined” as one would mine gold to make shillings, except computer motherboards take the place of pickaxes. In the modern era, however, there is so much business happening constantly across the globe that it’s hard to keep track of the transfer of all the varieties of physical dollars and yen and euro involved. This way, people could exchange representations of their goods instead of goods themselves, streamlining the process of exchange as we know it today. Instead of converting between bags of berries and parcels of land, people of yore eventually opted for attributing all commodities to a specific number of coins or bills, or forms of currency. Historically, people have always traded things of appraised value for other things of equally appraised value, but in a well-functioning business environment, value must be able to be standardized into a universal form of payment.
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So what does cryptocurrency have to do with the neo-rock band Kings of Leon? Just last week on March 5, they released their newest album in 5 years, “When you see Yourself.” Not only has this long-awaited album given fans, an antique yet unique, cool new music to listen to, but it has also dipped the band’s toes into unmapped waters: the release of the musical commodity as an NFT, or non-fungible token, which is a form of cryptocurrency. Believe it or not, this mysterious faux-money is steadily creeping its way onto legitimate markets, with producers across the globe seeking to make their debut onto the ever-growing stage of value that is this robust monetary system. How the Rise of NFTs is Creeping its Way into the Musical IndustryĬryptocurrency: you either love it, hate it or still don’t understand it no matter how many people rave to you about it to you.