Kings of Leon, the American rock band, has announced its first Australian tour in over 10 years, which will take place in 2022. This tour will be promoting their latest album, When You See Yourself, with songs such as ‘The Bandit’, ‘100,000 People’ and ‘Echoing’ already proving to be quite popular with fans. This album has gained worldwide fame for a different reason – being the first music album to be sold as an NFT, or non-fungible token, which is the newest trend taking the world by storm.
For those who are still under a rock and have no idea what NFTs are – they are basically units of data on digital networks, or blockchains, which can certify that a digital asset is unique and non-interchangeable. These NFTs have been all the rage this year, with several high-profile people, as well as organizations, jumping on the bandwagon to sell digital content through this medium. NFTs have several advantages – they allow content creators to have control over the entire process of creating their content, and also give them the majority of earnings from sales, which does not happen for regular platforms. For example, musicians receive a pittance from streaming platforms for their songs being listened to online, and they can use NFTs to sell directly to their fans, with exclusive content and perks to sweeten the deal. Indeed, this has already proved to be extremely popular, as Kings of Leon’s NFT sale shows. The band have already earned over $2 million through their NFT, and it is also important to note that NFTs can be programmed so that a percentage of any future resales go to the original artist as well. Thus, they can provide a consistent source of income for musicians and other content creators.
NFTs are just an extension of the current obsession with cryptocurrencies, which have seen stunning growth since the beginning of 2020. Cryptocurrency prices continue to soar as people see the merit of these digital currencies, and there are also multiple areas where crypto is being used to improve the customer experience, in conjunction with the underlying blockchain networks. One such example is of the online gambling sector, where multiple operators have been using crypto and blockchain to enhance their games and platforms. Players can now place bets on their favorite casino games through cryptocurrencies, so blackjack with crypto, for example, is a reality today. Blockchain networks are also being used to provide better speed, security and reliability to these platforms, with the result that online gambling has been revolutionized over the last year or so. This is the potential that crypto has, and NFTs are also being considered in a similar manner, as they can change the way digital economies work.
Kings of Leon have donated $500,000 of the proceeds of their NFT to Live Nation’s Live Crew digital fund, which has been set up to support music crews during the pandemic, as they have been out of work since live shows and concerts have not been possible for over a year now in most of the world. This is also another way in which NFTs are being used, to raise significant sums of money for worthy causes. We can see how the pandemic has affected this industry through Kings of Leon’s own tour announcement as well – their tour of Australia will take place in March 2022, despite the majority of 2021 still lying before us. It is scheduled to begin in Sydney, before moving on to Brisbane, Melbourne, Adelaide and Perth, while they will also visit Auckland, in New Zealand, before the Australian leg of the tour. The band have also spoken about how they are nervous and excited to get back in front of their fans again, and this tour promises to be a magical experience.