Did Kings of Leon’s NFT auction fall flat? UPDATE: No. In fact…

If that headline makes no sense to you, stop right now and read this explainer or scroll down to watch the video below. I’ll wait.

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Ready? Let’s go.

KoL’s NFT auction has been extended until 8p ET today, which is something of a surprise. That can only mean that they didn’t sell as quickly as hoped.

At issue are the six Golden Ticket NFTs, which offer all kinds of VIP perks for future Kings of Leon shows. They’re being auctioned off, which with a reserve bid. However, only two of them have met those prices. When I checked this morning, the prices for those tickets (converted from cryptocurrency into U.S. dollars) were $150,759 and $89,784. The other six sit at $13,821, $42,351, $12,943 and $13,061.

What if they don’t sell? YellowHeart, the company behind this NFT plan, says “All limited edition collectable assets that are not sold at the end of the sale will be burned and no more will be made.”

Too rich for you? There’s an unlimited number of “open edition” NFTs that come with special artwork available for US$59.29.

UPDATE: The auction extension worked. When all was said and done, the band saw sales of more than US$2 million from NFTs. That’s fresh, novel revenue for the band. Of that, US$500,000 will be donated to Live Nation’s ‘Crew Nation’ Covid-19 relief fund which helps out-of-work roadies.

The band made this statement: “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.” No kidding.

Alan Cross

is an internationally known broadcaster, interviewer, writer, consultant, blogger and speaker. In his 30+ years in the music business, Alan has interviewed the biggest names in rock, from David Bowie and U2 to Pearl Jam and the Foo Fighters. He’s also known as a musicologist and documentarian through programs like The Ongoing History of New Music.

2 thoughts on “Did Kings of Leon’s NFT auction fall flat? UPDATE: No. In fact…

  • March 8, 2021 at 11:14 am
    Permalink

    What the fuck does nft mean ? absolutely hate when someone assumes, ( oh ,everyone should know what these letters signify) ASSHOLES!!!!

    Reply
    • March 8, 2021 at 3:50 pm
      Permalink

      A non-fungible token is a special type of cryptographic token which represents something unique; NFTs are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens, that are fungible in nature.

      Reply

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