Montreal’s Belave becomes the first band to release an album as an NFT
In the same week that Grimes made $5.8-million in only 20 minutes by auctioning 10 pieces of digital art via NFT (non-fungible token), Montreal band Belave has become the first band to put out an album using this form of cryptocurrency.
Though it was reported on Wednesday that Kings of Leon would pioneer this music release format with their new album on Friday, Belave beat the Nashville rock band to the punch by about 36 hours with their third album Does the bird fly over your head? The auction is happening here.
Belave frontman Devon Welsh is a former collaborator of Grimes, best known for his project Majical Cloudz (which also featured Belave’s Matthew E. Duffy). Welsh made the announcement about Belave going NFT on Wednesday, openly trolling Kings of Leon, who have yet to respond publicly.
PLEASE RTWE NEED TO SPREAD THE WORDKINGS OF LEON HAS BEEN BEATENBELAVE IS 1ST BAND TO RELEASE AN ALBUM AS NFT— Devon Welsh (@devonwelsh) March 3, 2021
Belave beats Kings of Leon to the NFT album release model
As explained by Vanity Fair, here’s how releasing a work of art or music via NFT works: “Each of the works of art comes with a digital asset called an NFT, a form of cryptocurrency that is unique and irreplicable, guaranteeing the authenticity and singularity of the art it’s meant to serve as a token for.” The works are then auctioned online.
As for “fungible,” Bitcoin is fungible, or equal in value, whereas these tokens are one-of-a-kind. For more about how NFTs work and why they’re so hot right now, please read this article from The Verge.
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