It has been reported by Rolling Stone that a band representative estimates the revenue is above $2 million, with $600,000 of that going to the Crew Nation Fund for supporting live music crews affected by the pandemic.
However, the landmark event suffered teething problems as many of the band’s fans were complete newcomers to cryptocurrency and NFTs, resulting in a decision to extend the sale by 24-hours. It will now conclude on March 20.
The report said that the band returned from a four-year break to release their new album When You See Yourself, which was first launched as an NFT and limited edition vinyl, which will be available for regular purchases from March 19.
Unsold editions will be burned at the end of the sale, adding to the scarcity of each token. Various other digital artworks were sold, as well as a handful of “golden ticket” experiences.
Kings of Leon extended NFT sales for the new album as many fans are "first time NFT buyers … experiencing a learning curve." https://t.co/vEb0OpDRJB — Cointelegraph (@Cointelegraph) March 10, 2021
The income generated so far is significantly less than crypto influencer and DJ 3LAU’s recent album NFT drop which generated more than $11 million in under 24 hours.
Likewise, the electronic music producer auctioned off 33 NFTs in celebration of the 3rd anniversary of his Ultraviolet album, which included never heard before music, custom songs, and custom art.
3Lau’s crypto-savvy audience is very different from Kings of Leon’s more mainstream following. The band noted in a statement that being first came with its challenges:
“Breaking new ground is never easy….if it were, it wouldn’t be groundbreaking. Many fans are first-time NFT buyers and are experiencing a learning curve. WE HEAR YOU and are going to extend the NFT YOURSELF Collection for an additional 24 hours, in hopes that more time allows more fans to participate in this historic offering.”
Thus, the NFTs were released in collaboration with YellowHeart, a blockchain-based ticketing platform that is handling the auction on NFT marketplace OpenSea.