The Canadian rockers became the latest act to take advantage of the Non-Fungible Token (NFT) wave.
Canadian rock band, Our Lady Peace (OLP) announced that they would release a single from their upcoming Spiritual Machines II album as an NFT in April. The launch will be on the S!ng app.
The news accompanied a wave of tweets by the band and frontman Raine Maida about the platform.
OLP follows on the heels of an announcement by the American rock band Kings of Leon that they would release their forthcoming album When You See Yourself as an NFT on Mar. 5. According to Rolling Stone, the Kings of Leon release as an NFT is the first of its kind.
Our Lady Peace and Kings of Leon switched to NFPs for several reasons. The platform enables artists and performers to tailor their releases for better engagement with their fans and offer enhanced and one-of-a-kind opportunities.
From a business standpoint, NFTs help eliminate middle-men and retain ownership. Because the copy comes off a blockchain, protecting the intellectual property created is also ensured.
NFTs are surging in popularity in 2021, though the basic technology has been around since 2017. They gained a first splash of notoriety when the CryptoKitties craze brought the Ethereum network to its knees.
However, several platforms and projects made a debut in late 2020 and early 2021. The increase of interest in crypto that has accompanied the 2020-2021 bull run also helped. For example, the CryptoPunks platform reached over $83 million in sales since opening shop, with $45 million of that volume coming in over Feb. 18-25.
Adding star power
As with the surge in celebrity crypto endorsements during the current bull run, star power is affecting NFT sales and popularity. Internet personality Logan Paul launched his own NFT with the help of Bondly Finance in February. He then recorded a first edition Pokemon trading card box break, broke the video into NFTs, and sold the results.
Pushing the envelope in a different direction is a set of “art and tech enthusiasts” who purchased an art piece by Banksy, digitized it as an NFT, and burned the physical copy. The original work, called ‘Morons’, supposedly cost $100,000.
With artists, willingly or not, and musicians climbing on board the NFT wagon, the NFT craze is only beginning.