Kings of Leon’s coded album and NFT sales from March 5 totaled at least $ 1.45 million, or 820 ethers, according to the Open Sea platform.
However, Rolling Stone said a spokesman for the group estimated the revenue at over $ 2 million, of which $ 600,000 is earmarked for the Crew Nation Fund to support live music bands affected by the pandemic.
This milestone incident reportedly caused growth problems as many of the group’s fans were new to cryptocurrencies and NFTs, which led to the decision to extend sales by 24 hours. It now ends on March 20.
The group returned after a four-year hiatus to release their new album When You See Yourself, which was originally released as NFT and limited edition vinyl, which will be available for regular purchase from March 19. Unsold versions will eventually be burned from the sale, which increases the scarcity of each token. Several other digital works of art were sold, as well as several gold ticket gifts.
The revenue generated so far is significantly less than the revenue from the latest NFT album released by crypto influencer and DJ 3LAU, which earned over $ 11 million in less than 24 hours. The electronic music producer auctioned 33 NFTs to celebrate the third anniversary of his album Ultraviolet, which featured music, unconventional songs and unconventional art never heard of before.
However, the crypto-savvy amount of 3Lau is very different from the more popular Kings of Leon fans. In a statement, the group indicated that they came first with their problems:
“Opening new horizons is not easy … if it is, it will not be innovative. Many fans buy NFT first and witness the learning curve. We hear from you and will be expanding the NFT YOURSELF collection for another 24 hours, hoping more time will allow more fans to participate in this historic show. ”
NFT was released in conjunction with YellowHeart, a blockchain-based ticketing platform that runs an auction on the NFT OpenSea market.
As part of the release, KOL auctioned six gold tickets, all of which contained six copies. NFT Gold Pass offers fans a unique VIP experience consisting of four first-class live refreshments for one main show per tour, group greetings and greetings, four travel packages, show transport, backstage hospitality and more.
A golden ticket earned 89 ethers, or $ 160,000. The list also includes symbolic albums, animated GIFs and illustrations.