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.
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.