Sales of the Kings of Leon album and NFTs, which began on March 5, generated at least $ 1.45 million, or 820 Ether, in the first five days, according to figures on the Open Sea platform.
However, Rolling Stone reports that a band representative estimates that the revenue is more than $ 2 million, of which $ 600,000 goes to the Crew Nation Fund to support live music teams affected by the pandemic.
The event reportedly ran into problems with gum issues as many of the group’s fans were complete newcomers to cryptocurrency and NFTs, leading to a decision to extend the sale by 24 hours. It is now being finalized on March 20th.
The band returned from a four-year hiatus to release their new album If you see yourself, which was first introduced as an NFT vinyl and limited edition, which will be available for regular purchase from March 19th. Unsold expenses will be burned at the end of the sale, increasing the shortfall on each sign. Several other digital artworks have been sold, as well as a handful of “gold ticket” experiences.
The revenue generated so far is significantly less than the crypto-influencer and the recent NFT drop of DJ 3LAU, which generated more than $ 11 million in less than 24 hours. The electronic music producer has auctioned off 33 NFTs to celebrate its 3rd anniversary Ultraviolet album, which has made music that has never been heard before, songs and art tailored.
However, 3Lau’s crypto-expert audience is very different from Kings or Leon’s more general fans. The group noted in a statement that the challenges:
Breaking new ground is never easy … if it were, it would not be groundbreaking. Many fans are first time NFT buyers and are experiencing a learning curve. WE HEAR YOU and will extend the NFT YOURSELF collection by another 24 hours in the hope that more fans can participate more in this historic offering. ”
The NFTs were released in collaboration with YellowHeart, a blockchain-based ticketing platform that handles the auction on the NFT market OpenSea.
As part of the release, KOL dropped six gold tickets, all of which offered six copies at the auction. The Gold Ticket NFTs offer fans a unique VIP experience consisting of four lifetime tickets on the front row to one main show per tour, band meeting and greeting, four sets of tour equipment, transportation to shows, hospitality behind the stage, and more.
One of the gold tickets fetched 89 Ether, or $ 160,000. The drop also contains a token album, animated GIFs and artwork.