We wrote last week about plans to launch a series of non-fungible tokens (NFTs) for the new Kings of Leon album. So how is that going? Well, the auction for the NFTs has been extended until 8pm EST today (8 March), which doesn’t necessarily mean it’s going brilliantly.
The six ‘golden ticket’ NFTs, which include front-row seats to any Kings of Leon headline show in the world – well, one per tour – are being auctioned off, but only two of them have met their reserve prices. Converted from crypto into dollars, those are going for $150,759 and $89,784 at the time of writing. While the other four’s top bids currently stand at $13,821, $42,351, $12,943 and $13,061, those are below the reserve prices, and as the platform YellowHeart explains: “All limited edition collectable assets that are not sold at the end of the sale will be burned and no more will be made.”
We suspect that there are enough crypto-rich people with an interest in this auction going well to ensure the four remaining golden-ticket NFTs do get sold by 8pm. Note, this isn’t just about those six NFTs: there’s an ‘open edition’ (unlimited) NFT for the new album that costs $59.29, plus some more open edition and limited edition artwork NFTs, which will boost the ultimate takings.
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!