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Kings of Leon generate $2million sales from their recent NFT release

Kings of Leon had a good start with their new NFT release as they got sales 2 million. From the proceeds they plan to make a donation to Live Nation’s Crew Nation Fund.

The sale took place on March 5, and has generated about 820 ether in five days according to the Open Sea Platform figures.

From reports done by Rolling Stones, the band got an approximate revenue of 2 million, of which $600,000 was a donation to Crew Nation Fund as a move to support live music crews negatively impacted by the Covid 19 pandemic.

Despite the high revenue from sales, it does not mean the band did not have some setbacks. Most of the fans are newbies to Cryptocurrency and NFT, forcing the band to extend sale by 24 hours.

The band’s new album dubbed When You See Yourself came after a four-year break. It was first as both an NFT and limited-edition vinyl which fans will be able to purchase from March 19. For every edition that will not be sold by the end of the sale, will be burned to create scarcity of the token.

Scramble for NFT

Even though the returns from the sale look significant, they are not as high as crypto influencer and DJ 3LAU’S album NFT that did sales of more than $11 million in a record of 24 hours. This followed an auctioning of 33NFTs to celebrate the third anniversary of the Ultraviolet album.

The advantage 3LAU had is a crypto savvy fan base that are way better than Kings Leon’s fans.

The Auction

Kings of Leon optimized a blockchain based ticketing platform, YellowHeart to do the auction of the NFT to the NFT marketplace OpenSea.

During the release of the NFTs, six golden tickets were also up for auction. With the golden ticket, a fan can get an exclusive VIP experience which entails four sets of tour merchandise, backstage hospitality, band meet and greets, and four-lifetime front row tickets to one headline show per tour, etc. A golden ticket is worth 89 Ether, or an equivalent of $160,000. Apart from the golden tickets, there were also artwork, animated GIFs, and tokenized albums.

Image by viennamaeve from Flickr.

Marcia

Marcia

Marcia is a real crypto fan, specialized in bitcoin and NFT news.

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