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A little over a year ago, Grammy Award-winning rock group Kings of Leon had just wrapped up recording a new album and were getting ready to go on tour to promote it when the COVID-19 pandemic brought the live entertainment industry to a grinding halt.
As weeks of delays turned into months, the group’s manager Andy Mendelsohn turned to Josh Katz, founder and CEO of the ticketing platform YellowHeart, to talk about a little-understood concept called non-fungible tokens (NFTs).
“The playbook for a rock band would be to release an album and go tour, and that was the playbook forever. Now he didn’t know what to do, because there’s no tour,” Katz told Insider. “So we started chatting about what would a Kings of Leon NFT look like.”
Popular interest in NFTs began to gather steam over the summer in the niche crypto art market, and Mendelsohn and Katz quickly got to work imagining and executing the NFT launch of Kings of Leon’s latest album called “When You See Yourself.”
In less than two weeks this March, the album sold over $2 million on the platform and raised a half million dollars to support out-of-work event crew workers.
Insider spoke with Katz about how the collaboration represents an example of how the music industry is charting the future of NFTs to facilitate a more engaging experience for customers and fans.
NFTs offer event creators more control over ticket sales
Before the pandemic, the global secondary ticket market was on track to exceed $15 billion per year, according to Technavio. Numerous middlemen have sprung up over the years, making live event tickets both more expensive and less reliable. Nearly one in eight tickets bought on the secondary market turns out to be a fake.
YellowHeart’s platform uses the smart contract features of NFTs …read more
Source:: Business Insider