A look into the musical success of Tory Lanez through NFTs.

### Tory Lanez’s Career and Achievements  
 Tory Lanez (born Daystar Peterson) is a Canadian rapper. He first gained recognition in 2013 with the release of his mixtape, Conflicts of My Soul: The 416 Story. In 2015, Tory Lanez signed to record producer Benny Blanco's Mad Love Records through Interscope Records. In 2016, he released his debut album, I Told You. He has received a Grammy Award nomination for his song "Luv" and has won 4 Juno Awards.  
 ### Tory Lanez’s NFT Album: The Overview  
 On March 4, 2021, Tory Lanez partnered with Bondly Finance to drop 3 of his unreleased songs as NFTs. Lanez’s first NFT drop had more than 300 collectors, generating more than $400,000 in initial gross sales and resales. Collectors of all 3 Tory Lanez NFTs, “Lady of Neptune,” “Distance,” and “Y.D.L.R”, got exclusive perks from Tory Lanez including an exclusive virtual meet and greet, an unreleased track and signed merchandise.
  
 On August 10, 2021, Tory Lanez partnered with digital marketplace, E-NFT, to release his new album When It’s Dark as an NFT. Lanez listed 1 million copies of his 7-track album exclusively on e-NFT at a floor price of $1. Those who bought Lanez’s NFT album got a digital copy of his 7-track album along with 7 exclusive art pieces.
  
 At the time of his NFT album release, Lanez had 1.6 billion YouTube views and over 18 million monthly Spotify listeners. While Lanez is a major artist, his large fanbase did not guarantee him a successful drop. To his surprise, he sold out his NFT album in 57 seconds, expressing his gratitude in his Instagram post: “I’m at a LOST FOR WORDS !!! I’ve never sold this much music so fast !!!” To add to the success, one of the NFT albums had been flipped for $50,000. Today, copies of the album can only be bought from another owner in the resale market. Prices range from $25 to thousands, but we were able to find one for $2.50! One of the main benefits for artists selling their music NFT is that artists get a cut of resale price every time their NFT is resold. In this case, Lanez will indefinitely receive a percentage of his album sales each time a copy is resold. The revenue model of Lanez’s NFT drop is similar to the stock market, where fans can invest in artists and directly benefit from their success. In other words, the value of Tory Lanez’s music grows with his success.  
 ### The Good, The Bad, The Breakdown for Tory Lanez’s NFT Album  
 While Tory Lanez’s large fanbase did not guarantee him a successful drop, Lanez made key decisions that led him to sell out a million albums in 57 seconds. The platform Lanez chose allowed customers to purchase NFTs with a credit card rather than cryptocurrency–this was an important consideration at the time of his NFT drops because in August 2021 cryptocurrency was still not accessible to the average music consumer due to factors like technical literacy and lack of exposure. Lanez’s decision to price his NFTs at an accessible price-point at $1 also simplified the buyer's path to purchase.  

 However, there were some hiccups in Lanez’s album drop which deterred buyers and gave some bad experiences. While these issues are not exclusive to Lanez, they are issues that need to be addressed.  

 As an artist with 18 million monthly Spotify listeners, Lanez and E-NFT didn’t plan for a large site volume in a short period which caused: “Due to the unprecedented volume of the E-NFTs transactions there were some minor and short-term site functionality issues but all known transactional issues are now fixed.” That same month, the ZED RUN project had a failed NFT drop because their site was unable to handle the traffic they got—for reference on how this affects consumers, I experienced this drop first hand and left with disappointment because I set time aside to support the project and had a frustrating experience trying to check out.  
 Other complaints involved E-NFT’s additional 15% fee for seller transactions on top of gas fees. We bought a copy of Tory Lanez’s NFT album and learned that we couldn’t transfer the album to an external wallet for 28 days. So while we own a copy of the album, we found it inconvenient to log into different sites to listen to different music. Additionally, E-NFT had unresponsive customer service which left consumers hesitant to give NFT music another try. Customers on E-NFT have found themselves waiting for over a month to receive funds from their sales despite their NFT album being transferred to the buyer.  

 _If you are an artist looking to partner with an NFT platform, we encourage you to ask your platform how they will handle these issues and to come up with a plan if there isn’t a current solution. Blockchain adoption in the music industry is a team effort so do not be afraid to ask questions or to advocate for your concerns._  

 Overall, this was the logistical breakdown for his NFT album, When It’s Dark:  
 Blockchain: Ethereum  
 Platform: E-NFT  
 Utility: Limited Edition Music Drop (Scarcity) & Bonus Artwork  
 Method of Purchase: Credit Card or Cryptocurrency  
 Release Type: Limited Release (1 million albums)  
 Artist Size: Major (18M monthly Spotify Listeners)  
 ### What does the success of Tory Lanez’s NFT Album mean for the music industry?  
 In the words of Tory Lanez, ‘...WHEN U CUT THE BULLSHIT OFF THE MIDDLEMAN, U BECOME A KING.”  
 As a major artist, Lanez’s successful NFT album drop carries influence on blockchain adoption in the music industry because his NFT album brings exposure to millions of fans or music consumers who may not have known about NFT applications in the music industry, especially at a time when NFTs are misunderstood as an expensive JPEG—an artist Lanez’s size contributes major influence on NFT adoption. His NFT album also encourages his peers in the music industry to look into blockchain-based solutions like NFTs. Unlike other large artists like Doja Cat who had NFT drops separate from their music, Lanez’s NFT consumers get the early experience of buying and collecting music with their wallets, which normalizes the experience. Due to our current reality of living in a world where the centralized streaming service industry dominates, the convenience of listening to NFT music is not on par with centralized streaming services like Spotify, Apple Music, etc. However, we’ve seen how fast the NFT industry has grown over the last year and how many more tools there are to make NFT and crypto onboarding accessible to the general population—I have no doubt that NFT music will match the convenience of centralized streaming services in the near future.  
 ### Conclusion  
 Overall, Tory Lanez’s NFT album is creating an influential ripple effect through the music industry. NFTs represent a paradigm shift in our interaction with the music industry, and Lanez’s NFT album is a proof of concept for a business model that allows artists to send music directly to the consumer, therefore cutting out the middleman so that music can be sold for cheaper. While the road to full NFT adoption in the music industry is not clear, it is bound to happen in the near future because big artists like Tory Lanez are setting the precedent for music use cases and normalizing the technology for music consumers.

NFTs in the Music Industry Case Study Series: Tory Lanez

A comprehensive primer into the world of blockchain and music.

### To Our Fellow Artists,

Like us, you might have seen people advise musicians to get into the NFT space. You might be wondering, “How do I start?”, “What blockchain do I use?”, “How do I price my NFT?”, “How do I market my NFT?”.
Since we haven't seen anyone else share how to enter the NFT space in the music industry, we created this resource to make blockchain education accessible to musicians. If you found this guide helpful, please share this resource or consider donating to our Patreon.

### Credibility

We've documented and analyzed almost every North American NFT project in the music industry (as well as a few international NFTs) to create this guide for artists in the music industry looking to break into NFTs. Our observations were made from 380+ unique artists with ~1400 music industry NFTs across 60 platforms and marketplaces. Check back for updates and subscribe to our newsletter to keep up with all things music and blockchain.

#### Release Types

**1/1 Auction**  
Great for NFTs with big-ticket experience utility. Consider for projects with revenue, engagement, and fundraising goals.

**Limited Edition Auction**  
Great for NFTs with experience-type utility. Consider for projects with revenue, fundraising, and engagement goals.

**Drawings**  
Great for NFT projects that have a gamified aspect or affordable options. Often has a foundation utility like a collectible in addition to a chance at winning cooler perks. Consider for projects with growth, engagement, fundraising, and revenue goals.

**Limited Edition Fixed-Price**  
Great for NFTs with investment utilities. Consider for projects with engagement, growth, fundraising, and revenue goals.

**Open Edition Fixed-Price**  
Great for music sold as an NFT. Consider for projects with engagement, growth, fundraising, and revenue goals.

**Giveaways**  
Consider for NFT projects with growth and engagement goals.

#### Utility Types & Examples

**Digital Collectible**  
_Best for venues, festivals, concerts. Use cases: incentivize UGC (venues, festivals, concerts), identify and reward super fans (concerts)._

- Gov Ball x Coinbase Day [1, 2, 3] Token: 10th Anniversary collectible token

**Physical Good and Digital Collectible Pair**  
_Can be incorporated into concert experience, or be a utility on it’s own._

- Deadmau5 x LookRare @ Red Rocks
  - Utility: Fans got to take home both physical art and digital pieces of NFT collection made by abstract artist Gregory Siff at the Red Rocks Music Festival in Colorado, at mau5shop pop-up location in Denver.
  - Price Type: Fixed-Price.
- Ice Cube
  - Utility: NFT and Physical Painting.
  - Price Type: 4 1/1 for Auction.
- Kings of Leon
  - Utility: 1 digital album download, 1 limited edition NFT Golden Eye Vinyl, 1 digital collectible album artwork. All unsold limited edition NFTs burned after the sale period ended.
  - Price Type: Fixed-Price at $50.

**Music**  
_Ensure fair pay for artists. Allows fans to support artists directly._

- Deadmau5 and Portugal.TheMan
  - Utility: ‘This is Fine’ song exclusively sold as an NFT with album artwork, 1 million units minted on the NEAR protocol, with additional utility and integrations in the metaverse.
  - Price Type: Fixed-Price at .25 NEAR, $3.44 USD equivalent.

**Charity**  
_Often a utility that organizations and big artists incorporate. Price type is often (high) fixed-price limited, 1/1 auction, or a % of (affordable) open edition NFTs._

- Lil Miquela (1/1 Auction): All proceeds donated to Black Girls Code.
- Amy Winehouse Foundation x MusiCares (1/1 Auction): All proceeds benefit MusiCares and Amy Winehouse Foundation. This 1/1 NFT comes with a limited-edition print of the original image signed by photographer Charles Moriarty.
- Billboard Music Awards/Trae Tha Truth (Fixed Price, Limited Editions and 1/1 Auctions): Proceeds from the sale benefit Trae's Angel by Nature non-profit, a Houston-based organization that “suppl[ies] the Houston community with relief efforts ranging from living conditions, education, to personal health and motivation.”

**Investment**  
_Can be publishing rights/royalties (to a song or album) or copyright (to anything)_

- Jacques Greene (1/1 Auction): Token ownership includes publishing rights to the song.
- Clarian (1/1 Auction): 1/1 NFT gives the owner full publishing rights to the synth pop album, 'Whale Shark', in perpetuity. They can do whatever they want with it (i.e. stream it for others online, license for soundtracks, change the music itself, rename the music, remix the music, destroy the music, or purely keep it for themselves for long drives to the beach).
- Fyre Festival x Trevor DeHaas (1/1 Auction): 1/1 Tweet NFT includes a transfer of copyright of Trevor DeHaas’s Fyre Festival picture to the buyer. The winning bidder or their representative should contact Flipkick of New York to execute the transfer agreement.
- Any artist on Sound.xyz (10 fixed price @ .1 ETH for shared ownership of the song).

**Unlockable Content**  
_Examples of utility include exclusive access to or ownership of unreleased content, digitable collectibles (e.g. social media filters, badges), discounts._

- Death Row Records (Limited Edition Auction): Each of the 300 limited-edition NFTs comes with The Deluxe Death Row 30th Anniversary Silver Coin NFT and Exclusive audio bed from the Nate Dogg classic “Nobody Does It Better”
- Cristina Spinei (1/1 Fixed-price sale @$4,050.00): This NFT contains unlockable content pinned to Prelude for Orchestra including a WAV file recording of Prelude, video MP4 recording of Prelude, sheet music to the full orchestral score and parts, and a display GIF

**Chance to win X**  
_NFT projects with this utility often have a base perk with a chance at a bigger prize. They can be free to incentivize participation in an activity, or have leveled prices to make the NFT experience more affordable and inclusive. Good utility for engagement and revenue goals._

- Doja Cat: Limited Edition Fixed-Price. Prices start at $5, and offer owners a chance to win tickets to a show.
- Skullz: The Skullz Blackout Tour pack are your first glimpse at the only virtual interactive NFT band - making its metaverse debut in two collectible card pack types, both tuned to 11 with 8 variant types, one guaranteed Timelapse card in each pack, and a rare chance to hear some soundchecks from the band. Some fans might even find a special ticket to an undisclosed party.
- Alesso x Rough Draft: Operation: Decode Alesso's message. These special NFT Decoder tokens are the first drop that provide earth dwellers with clues to help decrypt Alesso's messages posted on his social media channels. If you think you've decoded Alesso's message, go to the OneOf Vault to submit your answer. All those with the correct message will automatically be entered for a chance to win the very first Rough Draft Chapter I episode for FREE! This is one journey you don't want to miss. This is an open edition NFT that is available to claim until Sunday, October 10 at 11:59pm EST. At the end of this period, it will be officially minted according to the exact number of claims and your specific edition number will be assigned in sequential claim order.

**Experience**  
_Examples of experience utilities include meets & greets, concert tickets, paid trips, and community/membership._

- Young & Sick / NIVA: part of Save Our Stages campaign; highest bidder is granted a ‘golden ticket’ package of VIP access to any show at that venue for a year in addition to other perks AND a custom Young & Sick digital portrait of themselves (or an avatar of their choosing)
- slenderbodies: Competition. Listen to as much slenderbodies on Spotify during the competition period as possible. You can listen to anything in slenderbodies' Spotify catalogue to count toward your total listening time. The countdown timer is above and the leaderboard will be updated hourly. The top 50 listeners with the most minutes listening by June 19th at 12pm ET will earn the NFT along with an exclusive Zoom group hang with slenderbodies!
- Teen Daze: Winning bidder will receive a WAV of this unreleased track, the full video file, as well as a guest list spot to any upcoming Teen Daze show (live or DJ set) in 2021 or 2022.
- Jay Chou: “The Phanta Bear project was jointly launched by Jay Chou's PHANTACi and Ezek. Phanta Bear is a collection of 10,000 algorithmically generated digital collectibles that double as membership cards for the Ezek Club. Each Phanta Bear has a unique set of traits and unlocks varying, unique levels of access and perks for its owner. https://linktr.ee/EzekClub ”
- Avenged Sevenfold: If you have ​‘gold eyes’ you get into the meet and greet [at] any show you go to, forever.
- B-Real: Each auction includes an exclusive one-of-one NFT REDEEMABLE FOR A PRIVATE SMOKE SESSION WITH B-REAL, as well as two (2) backstage passes to the Dr. Greenthumb Festival in summer of 2021.
- Zedd x Liam Payne On Display (Fixed-Price @ 450, 78 sold): Liam Payne-signed, physical copy of the art piece plus invitation to an online party hosted by Liam Payne.
- Zedd x Liam Payne Always On (Silent Auction): The top 3 bidders will each win 2 x tickets with Meet & Greet access to any Liam Payne headline show around the world, 2 x tickets with Meet & Greet access to any Zedd headline show around the world and a private 1 on 1 3D art and animation workshop with Silly Gabe. 12 hour silent auction with the highest three bids winning the Fanchain Creative Access Pack.
- Ritviz X Nucleya (1/1 Auction): VIP tickets for Buyer + 5 Friends to a RITVIZ X NUCLEYA concert as per the Indian Government Regulations & Guidelines. The collector & 5 friends shall be welcomed to attend One (1) RITVIZ X NUCLEYA event with this NFT.
- Ritviz X Nucleya (1/1 Auction): Benefits include Backstage access to any 3 NUCLEYA gigs from September 2021 - September 2022.
- Disco Biscuits (1/1 Auction): Benefits include tickets for all non-festival shows for a year, meet the band, 4 vip tickets to 12/31/21, write a set with Brownie

The Kairos Guide to NFTs in the Music Industry

NFT's have the potential to really shake up the music industry as we know it, here's how.

### Why are NFTs Valuable in the Music Industry?  
 NFTs are changing the way we value music and expanding the music industry. While the digitization of music has increased the industry's value, it's also reduced what artists take from their creations due to music piracy. NFTs are giving artists a direct way to monetize what they create, changing the way we value music. They also complement services like Spotify, rather than compete with them, thus expanding the music industry.  

 **1. NFTs are bridging industries with a new medium of art.**  
 Cross-industry collaborations, like musicians and high-caliber visual artists, help both parties get discovered by each other's fans, industries, and in untapped spaces. These collaborations also normalize unique art mediums, diversifying content in both industries.  

 **2. NFTs are fostering symbiotic relationships between artists and their fans.**  
 Through NFTs, artists and fans can directly interact with each other with full transparency. NFTs also offer artists creative ways to connect with the fans (fan art recognition, etc), create community engagement, and give fans a way to invest in their favorite artists. Additionally, many artists have incorporated tangible benefits like exclusive merch, front-row concert tickets, discounts, and more. 
 
 **3. New Revenue Channel: NFTs are providing artists a new revenue channel that allows them to assign value to previously profitless concepts.**  
 In a world where musicians have little autonomy in what happens to their content when it's released, NFTs provide artists a new market that lets them assign value to previously profitless concepts like unreleased music, unfinished music, music video bloopers, album concepts, etc. NFTs have also made it possible for some artists to become full-time due to new flexible income options. Overall, NFTs essentially redistribute power in the music industry.  

 **4. Now is the time to enter.**  
 ### Why Are NFTs Valuable to Artists in the Music Industry?  
 **1. Third parties are creating unofficial NFTs for artists and misrepresenting their brand.**  
 People have started creating unofficial NFTs for artists, taking away artists' abilities to directly engage their fans with rewards, collectibles, etc. These NFTs may misrepresent artists and take away an artist's growth potential when they enter the digital space.  

 **2. NFTs allow artists to be tied to their work forever.**  
 Due to the digital signature that's logged on the blockchain for each NFT, credentials cannot be falsified. This means that smart contracts and other information related to an artist’s career can be stored on a blockchain, allowing artists to receive their royalties in seconds and fans to directly invest in artists (forcing out ticket scalpers and bots from the concert business).  

 **3. NFTs have blown up unknown artists due to first-mover advantage.**  
 While social media mentions of NFTs have been on the rise in 2021, NFTs are still widely misunderstood—they are more than an expensive JPEG. NFT applications in the music industry (and in general) are still new, and those who utilize NFTs are early adopters in the innovation adoption lifecycle.  
 On March 11, 2021, Beeple went from having his most expensive piece of art at $100 to having the 4th most expensive art piece sold on auction from a living artist. Essentially, the NFT explosion has the potential to make small artists known and keep older bands relevant in 2022+.

How NFTs Are Disrupting The Music Industry

Examining the technical crossroads between blockchain and music.

### What Are Smart Contracts?  
 Smart contracts are programmed contracts stored on a blockchain. Smart contracts only run when predetermined conditions are met and do not require an intermediary to facilitate or execute.  
 In simpler terms, smart contracts are automated agreements. Visually, they are “if…, then…” statements. Meaning, the smart contract will only execute if the conditions in the contract are met. Say the smart contract states that the songwriter gets a 10% cut each time a specific song is sold. If I bought that specific song, the songwriter will automatically get paid 10% from my purchase.  
 ### Why The Music Industry Would Benefit From Smart Contracts?  
 The music industry runs on contracts. Smart contracts could solve many issues, such as accounting problems and royalty distribution, that have long plagued the industry. Additionally, they offer a potential remedy for the serious problem of transparency within this notoriously opaque sector. Transparency guarantees fair compensation and smart contracts can automate any kind of music-related transfer of value between industry stakeholders. Smart contracts would be ideal for musicians seeking funding for their projects and would serve as a means for songwriters to track where their songs are being used. It’s only a matter of time before these advantages begin to make themselves apparent.  
 ### The Role Of Smart Contracts in The Music Industry  
 The music industry is made with many layers of moving parts governed by contracts and agreements that take an eternity to get signed. The adoption of smart contracts in the music industry would make processes faster, more secure, and more efficient. Without even looking at the numbers, it’s clear that self-executing agreements between parties will save stakeholders (like artists and producers) countless hours negotiating payments and tracking down the right people to pay. This increased efficiency could lead to lower costs and greater profits for the industry as a whole.  
 Because smart contracts operate independently, artists don’t have to worry about possible mistakes or misrepresentations that might occur on the part of the company running the smart contract, since it will be programmed to only execute under certain conditions. These smart contracts ensure that copyright payments are automatically transferred from consumers to rights-holders, cutting down on the time spent on audits and manual calculations. The blind trust that comes with smart contracts helps eliminate any excuse for missing a deadline or messing up payment.  
 ### A Solution For Black Box Royalties  
 Artist royalties are usually contained within long and convoluted contracts which make identifying the money owed to an artist difficult to track. These lost royalties are known as “Black Box” Royalties or Unclaimed Royalties, and include any music-generated royalties and incomes that are named towards the rights holder but are unclaimed. As of 2019, writers, artists, and other creators have lost $4.5 billion to unclaimed royalties. Unfortunately, these unfound contributors won’t receive the proper monetary credit that their music has generated—this lost money often ends up in the pockets of top artists, major labels, or streaming services.  
 NFTs are a common form of smart contracts in the music industry. NFTs allow artists to be tied to their work forever. Due to the digital signature that's logged on the blockchain for each NFT, credentials cannot be falsified or lost. This means that smart contracts and other information related to an artist’s career can be stored on a blockchain, allowing artists and other contributors to receive their royalties in seconds.  
 ### Conclusion  
 Overall, the music industry needs to adapt in order to survive, and smart contracts offer a solution which allows the distribution of digital goods while giving artists increased control over their intellectual property. Indie musicians can avoid the unwieldy structure of multinational record companies, while big artists can enjoy the greater profits previously enjoyed exclusively by industry leaders. As long as these contracts are developed to the highest standard possible, it is likely that the music industry will benefit from the widespread use of smart contracts.

Blockchain Technology in the Music Industry: Smart Contracts

A look into the musical success of Kings of Leon through NFTs.

### Kings of Leon’s Career and Achievements   
 Kings of Leon is an American rock band from Nashville, Tennessee, formed in 1999. Kings of Leon is composed of brothers Caleb, Nathan, and Jared Followill, and their cousin Matthew Followill. The band gained popularity in the early 2000s with their breakout album Youth & Young Manhood. Their mainstream success continued with their follow-up album, Because of the Times and third record, Only by the Night. They have released seven albums and one EP since their formation in 1999.   

 ### Kings of Leon’s NFTs: The Overview   
 Kings of Leon disrupted the music industry when they released their latest album, When You See Yourself, as an NFT on March 5, 2021. Kings of Leon collaborated with Yellowheart, a ticketing platform employing blockchain technology, and Night After Night, their longtime creative partner, to release their album in the form of three different types of tokens. The tokens are part of a series called “NFT Yourself”. The “NFT Yourself” series contained a package for each of the three token types: a special album package (including a limited-edition vinyl and digital download), a live show package (including show perks like front-row seats for life), and an exclusive audiovisual package.    

 Kings of Leon’s “NFT Yourself” series was one of the first use cases where NFTs in the music industry were being used to foster symbiotic relationships between artists and their fans—their partner, Yellowheart, strived to use blockchain technology to bring value back to music and better direct-to-fan relationships.   

 The special album token had an open edition NFT drop model where albums were sold for $50 between March 5 at 11am EST to May 19 at 8pm EST. After the sale period, all unsold limited edition NFTs were burned and would only be available for resale at whatever price the marketplace valued the bundle. Kings of Leon initially made about $2 million from album sales, however, they set the stage for trade value in the secondary market since the album’s scarcity allows the album to retain value or appreciate in the future.    

 The exclusive audiovisual package also followed an open edition NFT drop model where unlimited packages were sold from $95 to $2,500 until the end of the sale period.    

 In addition to validating the artist-fan relation use case, Kings of Leon also proved the charity potential of NFTs in the music industry with their Golden Ticket auctions. The 6 Golden Tickets Kings of Leon auctioned to support Crew Nation raised more than $500,000 and gave token owners perks including ownership of a unique piece of art, four front row tickets at future shows for life, VIP reception at the event, and backstage access.     

 On September 9, 2021, Kings of Leon released their second music NFT, an exclusive live recording of “Time in Disguise”, which was auctioned as a charity campaign for St. Judes. Bidding started at $50,000 and perks included a meet-and-greet with Kings of Leon and the SpaceX crew, as well as a chance to see Kings of Leon perform in Los Angeles. Overall, Kings of Leon was part of the Inspiration4 effort that raised more than $243 million for the kids of St. Jude and made history in the music industry as “Time in Disguise” became the first minted music NFT to go up in space.      

 The When You See Yourself album NFTs, originally sold at $50 USD, have been flipped for hundreds to thousands, with the average sale price at 0.035 ETH ($3,100.52 USD)—there are no resale market listings available today, at the time of publishing. However, the exclusive audiovisual packages and Golden Tickets are available for resale, with prices starting in the hundreds (~0.08 ETH) for the audiovisual packages and in the millions (333 ETH) for the Golden Tickets (live show packages).   

 ### The Good, The Bad, The Breakdown for Kings of Leon’s NFTs     
 While Kings of Leon is a large band, they introduced NFTs at a time when there were few resources like guides and tools, and high barriers to entry. However, Kings of Leon made key decisions that led to the success of their “NFT Yourself” series and charity fundraisers.     

 Accessibility in price and purchasing methods were key considerations. Kings of Leon chose platforms for their NFT collection with flexible payment options at a time when few marketplaces offered non-cryptocurrency options. Their “NFT Yourself” series on Yellowheart were available for purchase in both fiat and cryptocurrencies. Non-crypto options were an important consideration at the time of his NFT drops because in 2021, cryptocurrency was still not accessible to the average music consumer due to factors like technical literacy and lack of exposure. Additionally, their “NFT Yourself” series is available on the secondary market through the OpenSea platform, which is catered to beginner buyers. The verified collection on OpenSea makes it easy for.       

 Kings of Leon’s decision to offer NFT options at an accessible price-point also simplified the buyer's path to purchase. Although Kings of Leon had tokens priced in the hundreds to thousands range, their special album package was available at a fixed-price of $50, which included a mix of physical and digital goods with trade potential similar to stocks.     

 The utility of their NFT was also crucial to getting consumers to take an (expensive) risk on something that seemed like a fad at the time. Specifically, their transferrable NFT utility like scarcity, lifetime front row show tickets, and digital music access created an ecosystem where the value of their music NFTs exists indefinitely.    

 While the “NFT Yourself” series had very few obstacles in the purchasing process, there was room for improvement in their release. In March 2021, limitations like technical literacy and lack of exposure to NFTs made buying their album a risky investment and tedious process. One way the band could simplify the buyer's path to purchase is to create a step-by-step guide to walk consumers through the purchasing process. Kings of Leon also didn’t really nurture the secondary market. One way they could strengthen their community is to randomly reward current holders of the “NFT Yourself” series with perks for their loyalty, similar to how deadmau5 consistently acknowledges his loyal fans with perks like exclusive NFTs and whitelist access. Overall, these recommendations are not exclusive to Kings of Leon, but they are for issues that need to be addressed.    

 If you are an artist looking to partner with an NFT platform, we encourage you to ask your platform how they will handle these issues and to come up with a plan if there isn’t a current solution. Blockchain adoption in the music industry is a team effort so do not be afraid to ask questions or to advocate for your concerns.   

 Note: Although Kings of Leon offers NFTs in multiple mediums, music in the form of NFTs is currently the most common use case in the music industry so our artist NFT breakdowns focus on music in the form of NFTs.    

 Below is the logistical breakdown for Kings of Leon’s “NFT Yourself” special album package token:   
  Blockchain: Ethereum 
  Platform: Yellowheart 
  Utility: Scarcity (Trade Value), Unique Artwork, Digital Album Download, Limited-Edition Vinyl   
Method of Purchase: Credit Card (through Yellowheart) or Ethereum (through Yellowheart, MetaMask, Coinbase)   
Release Type: Fixed-Price Open Edition     
Artist Size: Major (11.7M monthly Spotify Listeners)   
 
 Below is the logistical breakdown for Kings of Leon’s Golden Tickets (live show package token):   
Blockchain: Ethereum   
Platform: Yellowheart   
Utility: 1) 4 front row tickets to one Kings of Leon headline show per tour, any tour location in the world 2) VIP treatment, meet and greet with the band, 4 sets of complete tour merchandise, 8hr SUV limousine, on-site concierge, private backstage hospitality 3) One edition of the “Limited Edition NFT Album w/ additional Vinyl Album (physical copy)” 4) One edition of each of the “Limited Edition NFT Artwork (no music)” including 'Cherrysmoke #1', 'Cherrysmoke #2', 'ShadowS', 5) One edition of each of the “Open Edition NFT Artwork (no music)” including 'Cherrybolt', 'Cherry Echo'   Method of Purchase: Credit Card (through Yellowheart) or Ethereum (through Yellowheart, MetaMask, Coinbase)   
Release Type: Limited Edition Auction (6)   
Artist Size: Major (11.7M monthly Spotify Listeners)  
     
  Below is the logistical breakdown for Kings of Leon’s “NFT Yourself” exclusive audiovisual package token:    
Blockchain: Ethereum    
Platform: Yellowheart    
Utility: Scarcity (Trade Value), Unique Artwork, Digital Album Download    
Method of Purchase: Credit Card (through Yellowheart) or Ethereum (through Yellowheart, MetaMask, Coinbase)   
Release Type: Open Edition    
Artist Size: Major (11.7M monthly Spotify Listeners)    
   
 ### Kings of Leon’s Influence on Blockchain Uses in The Music Industry     
 Kings of Leon are helping blockchain technology reach new audiences. Having been around for almost a quarter-century, Kings of Leon have demonstrated how new technology like NFTs can help keep older bands relevant in 2022+. Kings of Leon’s “NFT Yourself” series is also a proof of concept for music in the form of NFTs, and they were the first band to release an album as an NFT.   

 In September 2021, Kings of Leon told PEOPLE: “As many know, this is our second music NFT. Big visible moments like this continue to make people aware of this idea…We see a more direct relationship with fans as the key to artists of all kinds making a living in this business.” The success of “NFT Yourself” has set up a new paradigm where bands can effectively sell their albums upfront. This arrangement gives fans a chance to buy music directly from the artist, with all of the profits potentially going to the artist instead of record labels.     
 Overall, “NFT Yourself” has validated various NFT use cases like charity fundraising and artist-fan relationships in the music industry. Kings of Leon believes that “NFTs are a huge part of that better future for music. The band believes “doing things like participating in this massive moment, not only generates money but generates awareness for the charity and the role NFTs can play in the future of raising money and restructuring the music industry.”     
 ### Conclusion    
 It’s no doubt that Kings of Leon are pioneers at the intersection of music and blockchain technology. While the road to full NFT adoption in the music industry is not clear, big artists like Kings of Leon and Tory Lanez are setting the precedent for artist-to-fan relationships and normalizing the technology for music consumers.

NFTs in the Music Industry Case Study Series: Kings of Leon

With new technologies come new avenues for success in already-established markets. This is no different with blockchain and the music industry.

### The Music Industry Is At Its Deathbed

It’s no secret that the music industry doesn’t treat artists well. We’ve recently seen this with Taylor Swift’s re-recordings of her albums, which has allowed her to reclaim ownership of her music. Within the last month, artist Megan Trainor revealed that she wasn’t able to release the official music video for “Title” until TikTok blew it up 6 years later, today. Grimes also expressed wanting to go indie again so that they could release whatever they wanted. Unfortunately, it doesn’t get easier for small artists. According to the Recording Industry Association of America’s annual year-end report, streaming accounted for 83% of the music industry’s $12.2 billion total revenue. However, a study from The Ivors Academy and the Musicians' Union shows that 82% of artists earned less than $270 a year.
Here are some statistics as of January 2022:

<div style="text-align:center">
<img src="https://kairos-article-images.s3.amazonaws.com/1642609698413img0.png" alt="Average Pay/Stream By Service" style="width:45%;padding:10px"/>
</div>

### The Collapse of Big Music

Over the past year, we’ve seen how TikTok and blockchain technology has disrupted the music industry. MiDIA’s annual global recorded music market report for 2020 has revealed that not only have independent labels and artists strongly over-performed the market, but major labels are underperforming in the streaming market for the first time.

Blockchain technology has shifted power from intermediaries like record labels and distributors towards artists. TikTok has redefined how hits get made. Over the last year, we’ve seen how social media trends are resurfacing old songs ranging from decade old-singles to songs from childhood shows and giving them a second chance at success as reflected by the types of songs that have become certified or made the Billboard Charts within the last year. Without the traditional help of intermediaries like record labels, indie artists are leveraging TikTok’s algorithm to be discovered, which has resulted in unknown artists blowing up overnight for unreleased songs, music demos, and ideas.

TikTok’s recent partnership with Audius, a blockchain-based music streaming startup, has only increased musicians’ interests in learning blockchain as they discover the benefits of Audius’ user-centric pay model. With the introduction of blockchain technology, the music industry may never be the same. It is only a matter of time before these new developments and advancements become widely adopted by musicians and other members of the music industry as a whole.

### How Blockchain Can Capitalize On The Opportunity

With more and more artists expressing their need for change, a blockchain movement in the music industry was only natural. Blockchain-based solutions have gained attention in the music industry over the past year because they shift power from intermediaries (like music labels) back to artists and offer artists a transparent revenue-sharing model with fair pay practices and instant access to their royalties.

So what does a decentralized music industry look like? In general, blockchain technology adoption closes the accessibility gap for music creators, removes middlemen in the music industry, and redistributes power towards artists.

Since blockchain is decentralized, no single entity controls it. On music sites like Amazon Music and iTunes, a portion of the artist’s sale is collected for processing fees and are used to pay the platform’s employees. On blockchain-based music platforms, the change in payment system means that those who were unable to monetize their work will finally have a chance to do so. Musicians outside of the mainstream, whose work may never get picked up by a major music label or an online streaming service, can now make money directly from their own fans. Artists own their music and can decide how it’s used.

Blockchain is also transparent. On blockchain music platforms, you can see how many people are streaming or downloading any song or video that's on the blockchain. Artists get paid for each time their song is streamed or downloaded. Blockchain’s transparency is opposite to the current music industry’s lack of transparency around the origins of artist payouts for factors like original gross payment before fees, number of plays, and location.

Blockchain technology secures rights, automates payments, and removes unwanted intermediaries. With smart contracts, artists can create music, distribute their own music, and collect royalties from their bedrooms—a task that once required teams of audio engineers and producers, record labels, connections, and distributors. For example, artists can sell publishing rights to their music. Artists can also immediately receive money as soon as someone buys their music. Additionally, artists who want to release music can do so instantly, instead of being slowed down by a record company.

Overall, blockchain technology changes the existing music industry status quo. It's a paradigm shift from the current music streaming platform model to a new relationship between artist, fans, and business partners.

<div style="text-align:center">
<img src="https://kairos-article-images.s3.amazonaws.com/1642609698413img1.png" alt="Marketplaces With Music NFTs" style="width:45%;padding:10px"/><img src="https://kairos-article-images.s3.amazonaws.com/1642609698413img2.png" alt="Music NFTs By Platforms" style="width:45%;padding:10px"/>
<img src="https://kairos-article-images.s3.amazonaws.com/1642609698413img3.png" alt="Music NFTs By Blockchain" style="width:45%;padding:10px"/><img src="https://kairos-article-images.s3.amazonaws.com/1642609698413img4.png" alt="Sign Status Of Artists With NFTs" style="width:45%;padding:10px"/>
</div>

Why Blockchain Technology Will Change The Music Industry’s Model

The bread-and-butter fundamentals of releasing Non-Fungible Tokens.

*Everyone can make an NFT, but not everyone can sell an NFT. The type of NFT release you choose for your project is an important factor in NFT marketing. What questions do you have about NFT marketing?*  
 ### Open Edition  
 In an Open Edition release, an unlimited amount of NFTs can be purchased. These NFTs can only be purchased within a specific time frame, usually between 2-15 minutes. The amount of purchases can range from 0 to thousands.  
 ### Limited Edition  
 In a Limited Edition release, a set amount of NFTs can be purchased. These NFTs can be one of one, or 1 of X. There is no time limit on how long these NFTs are available for purchase, but these NFTs can be sold out within minutes.  
 ### Drawings  
 In a Drawings release, the NFT sales process resembles a raffle. In these NFT drops, interested buyers participate in the process and will only be charged if they get chosen. Drawings are a form of limited release drops.  
 ### Auctions  
 In an Auction release, an NFT sale is based on bids. Bids for these NFTs can be placed publicly or in silent auction. Processes also vary between platforms.

NFT Marketing: Types of NFT Releases

Kairos is developing a blockchain education platform to support stakeholders in the music industry who are interested in using blockchain-based solutions to reclaim autonomy of their released media. To ease the blockchain learning curve, we strive to help artists master blockchain technology through specially curated resources and content made for stakeholders in the music industry.  
 Kairos was founded by indie musicians, artists, creatives, and blockchain enthusiasts. Our team shares a passion for the music industry and blockchain technology and we support artists in their fight for music ownership, transparency, and fair pay practices.  
 Made in Massachusetts and New York with ♥.  
 ### Our Mission  
 To lower the barriers to entry in the blockchain industry.  
 ### Our Story  
 Founded in February 2021, Kairos MGMT was originally a “full-service NFT management Agency made for the Music Industry” that guided artists who wanted to break into blockchain. Our startup is named after Caerus from Greek Myth, the personification of being at the right time and place, because of how quickly we grew.  
 After several discussions with independent artists and music management companies, we realized that there was a lack of blockchain education and accessibility to blockchain technology in the music industry—we felt keeping our material behind a paywall would exacerbate the inaccessibility of blockchain adoption. While we enjoyed growing with our artists and their teams, pivoting our focus from personalized guidance to fostering an educational community felt more aligned with our mission to lower the barrier to entry in the blockchain industry.

About Kairos

A look into the musical success of Deadmau5 through NFTs.

### Deadmau5’s Career and Achievements  
 Deadmau5 (born Joel Thomas Zimmerman) is a Canadian electronic music producer, DJ, and musician. He has released music under multiple aliases and mainly produces progressive house music. In 2005, he released his debut album, Get Scraped, and released his breakthrough album, Random Album Title, in 2008. In 2017, Deadmau5 founded his own record label, Mau5trap. He has received six Grammy Awards for his work and is one of the highest paid electronic music producers in the world.  

 ### Deadmau5’s NFTs: The Overview  
 In addition to having a strong presence at the intersection of music and technology, deadmau5 is considered one of the NFT pioneers in the music industry with over six NFT projects and at least a dozen with deadmau5 branding. deadmau5 has released NFTs with use cases for digital merch, unreleased music, music in the form of NFTs, and royalties integration.  

 In 2020, deadmau5 partnered with Emanate to release his deadmau5:Series 1 NFT collection of digital collectables on the WAX blockchain. His digital collectables were released December 16, 2020, on RAREZ and was described as “exclusive, verified collectible digital merch,” each of which are “certified, authentic, unique, and can never be altered.” deadmau5 offered sets of limited NFT packs including The Standard (10) priced at $9.99 per pack and The Mega (30) priced at $28.49 per pack, limited to 4,000 Standard and 2,000 Mega packs. These digital collectibles in these packs included stickers (common), animations (less common), pins (less common), black cards (uncommon), silver cards (rare), and the gold card (very rare).  

 The deadmau5:Series 1 NFT collection raked in a total of $96,940 in 36 hours, and the NFT packs were available for purchase in both fiat and cryptocurrencies. The success of deadmau5:Series 1 prompted him deadmau5 to expand the original series and release the deadmau5:Series 2 NFT collection on August 26, 2021. The price point for the deadmau5:Series 2 NFT collection was similar to Series 1—The Standard (10) was $9.99 per pack and The Mega (30) was $29.95 per pack. Unlike deadmau5:Series 1, there has been a change to the rarity levels in the deadmau5:Series 2 NFT collection. In Series 2, cards are divided into Pins, Basic, Black, Silver, and Gold rarities, with “Pins” being the most common, and “Gold” being the rarest. Series 2 also had a small handful of extremely rare “UltraRare” cards that gave winners 2 tickets to a live deadmau5 show. Furthermore, deadmau5 acknowledged his loyal fans and gifted an exclusive NFT to collectors who held onto their deadmau5:Series 1 purchase. These cards have been flipped for hundreds to thousands, with one rare card selling for $10,000—the resale market listings are still in the thousands today, at the time of publishing.  

 In March 2021, deadmau5 collaborated with renowned street artist, OG Slick, for his Slickmau5 collection, which was released March 9, 2021 on Nifty Gateway. The Slickmau5 collection includes an exclusive music clip by deadmau5 from his (at the time) upcoming unreleased album. Editions in the Slickmau5 collection included “Remix,” “Blackhole,” “Faded,” and “Happy.” “Blackhole” and “Happy” editions were available as five-minute open editions. There were 50 “Faded” editions available during a 15-minute silent auction and each NFT came with a numbered art print signed by both OG Slick and deadmau5. “Remix” was a 1 of 1 auction that was sold for $31,050.00 (USD).  

 On November 15, 2021, deadmau5 and his long-time collaborator, Smearballs, released their head5 NFT Collection—head5 was a metaverse-integrated, limited release (5,555 units) NFT collection minted on the Polygon blockchain available for 0.15 ETH each on head5.io. Similar to the deadmau5:Series 2 NFT collection that was released in August, deadmau5 rewarded his loyal community members with access to the whitelist: “a special thanks to our community, all hodlers of past deadmau5 branded Ethereum and Polygon NFTs will have a 1 hour head🤪 start on minting".  

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">So some of you guessed it...<br>5,555 <a href="https://twitter.com/hashtag/head5?src=hash&amp;ref_src=twsrc%5Etfw">#head5</a> are going live on Monday on the Polygon blockchain. <br>As a special thanks to our community, all hodlers of past deadmau5 branded Ethereum and Polygon NFTs will have a 1 hour head🤪 start on minting. <br><br>More details to come.</p>&mdash; head5. (@head5) <a href="https://twitter.com/head5/status/1459339035218898946?ref_src=twsrc%5Etfw">November 13, 2021</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 

 Unlike deadmau5’s former NFT projects, the head5 collection had metaverse utility. The head5 collection had partnered with Ready Player Me, a 3D avatar creation platform, to allow collectors to use their head5 NFTs as avatars across numerous virtual reality video chatting applications like VR Chat, Animaze, and MeetinVR. Smearballs and deadmau5 strive “to make these avatars work in as many places as possible.”  

On December 2, 2021, deadmau5 released a new single, “this is fine.,” exclusively as an NFT with indie rock band Portugal. The Man under his Mau5trap label with a goal of becoming the first NFT single ever to go platinum. The pair first made 1 million units available for purchase at Art Basel’s “Miami Beach” art show on December 2, 2021. Out of the 1 million units minted on the NEAR protocol, there are 502,719 units of “this is fine.” available to the general public for purchase on Mintbase at a price-point of 0.25 NEAR ($2-$4 USD). Those who bought deadmau5 and Portugal. The Man’s NFT single got a digital copy of “this is fine.,” along with additional utility and integrations in the metaverse.  

 At the time of his NFT song release, deadmau5 had over 3 million monthly Spotify listeners. While deadmau5 is a major artist, his large fan base does not guarantee him to sell out his music. Today, copies of the song can still be bought at the floor price of 0.25 NEAR, but the value in USD continues to fluctuate between $2 to $4! One of the main benefits for artists selling their music NFT is that artists get a cut of resale price every time their NFT is resold. In this case, deadmau5 and other contributing artists will indefinitely receive a percentage of his album sales each time a copy is resold. The revenue model of deadmau5’s NFT drop is similar to the stock market, where fans can invest in artists and directly benefit from their success. In other words, the value of deadmau5’s music grows with his success.  

 ### The Good, The Bad, The Breakdown for deadmau5’s NFTs  
 The mau5verse has been around since 2020 and deadmau5 has offered NFTs in forms ranging from digital art to 3D avatars. While deadmau5 is a large artist, he introduced NFTs at a time when there were few resources like guides and tools, and high barriers to entry. However, deadmau5 made key decisions that allowed him to grow and strengthen his community.  

 One key consideration was accessibility in price and purchasing methods. deadmau5 chose platforms for his NFT collections with flexible payment options at a time when few marketplaces offered non-cryptocurrency options. For his deadmau5 Series 1 and Series 2 NFT collections, the NFT packs were available for purchase in both fiat and cryptocurrencies. The Slickmau5 collection was sold on Nifty Gateway, which also allowed customers to purchase NFTs with a credit card. Non-crypto options were an important consideration at the time of his NFT drops because in 2021, cryptocurrency was still not accessible to the average music consumer due to factors like technical literacy and lack of exposure. deadmau5’s decision to offer NFTs at an accessible price-point also simplified the buyer's path to purchase. For example, deadmau5 priced his deadmau5 Series NFTs at $9.99-29.95 and the cost of his single “this is fine.” is similar to the cost of buying a single song from iTunes or Amazon Music. In general, deadmau5 does a good job simplifying the buyer's path to purchase by emphasizing the differences in utility: “If you’re having trouble deciding between a Standard or a Mega pack, obviously you’ll get a fatter stack of cards from a Mega Pack, but you’ll also have a higher likelihood of pulling a rarer card. Something to keep in mind when you’re filling your cart on sale day.” While his recent head5 collection had to be purchased with Ethereum, the “How to purchase head5 on Polygon” guide that was linked on the head5 website under “Other ways to purchase head5” was an appreciable onboarding tactic.  

 Another key consideration is community, which in general, is essential for a successful NFT project. One way deadmau5 has engaged his community is through consistent acknowledgment and rewards for his loyal fans as reflected by perks like exclusive NFTs and whitelist access that were given to collectors of former deadmau5 NFT collections. On the head5 website, we also see reassurance for head5 collectors that they will be rewarded forever: “Holders of this token will continue to be rewarded with exciting new mau5 projects and integrations 5ever.”  

 However, there were some obstacles in the purchasing process which deterred buyers and gave some bad experiences. While these issues are not exclusive to deadmau5, they are issues that need to be addressed.  

 Deadmau5 has consistently sold out his past NFT collections in days or even hours. However, “this is fine.” has been available for purchase for almost two months, and there are still 66,398 units out of 502,719 available on Mintbase as of late January 2022. Tory Lanez was able to sell 1 million albums in 57 seconds, so what about deadmau’s NFT drop was different?  

 The main issues in the purchase process for “this is fine.” were the inconvenience of setting up a new wallet and the high fees associated with buying the $2-4 song. Even though the song is priced on par with individual songs on platforms like iTunes and Amazon Music, the additional fees and extra steps to set up a NEAR wallet can be discouraging. We bought a copy of “this is fine.” and the inconvenience of setting up a NEAR wallet (instead of using our main wallet) and buying NEAR delayed our decision to purchase the song for days.  

 When you first set up a wallet to buy the song, you’re prompted with instructions to buy NEAR: “To get started, buy some NEAR using MoonPay...or send at least 0.1 NEAR to your wallet address.” Unless you’re buying from an exchange (our minimum NEAR purchase amount from Binance was $20 USD), the minimum amount of NEAR you have to buy on MoonPay to buy the song from Mintbase is $30 USD worth (despite it saying .22 NEAR). There is also an additional $4 MoonPay service fee per transaction which has the same effect as shipping fees on the customer buying journey. Because NEAR isn’t a mainstream platform for buying music, it felt like we were paying over $35 for a song even though we could redeem the excess credit on future music purchases. For those who do make the purchase, the remaining NEAR encourages old customers to buy more music on Mintbase, but the $30 USD minimum is a huge barrier to overcome. Overall, the limitations of the NEAR wallet and music selection on Mintbase are huge obstacles to overcome for buyers who are not sold on the NFT movement, which might explain why there are so many remaining units of “this is fine.” 2 months after the release.  
 
*If you are an artist looking to partner with an NFT platform, we encourage you to ask your platform how they will handle these issues and to come up with a plan if there isn’t a current solution. Blockchain adoption in the music industry is a team effort so do not be afraid to ask questions or to advocate for your concerns.* 

*Note: Although deadmau5 offers NFTs in multiple mediums, music in the form of NFTs is currently the most common use case in the music industry so our artist NFT breakdowns focus on music in the form of NFTs.*

 Below is the logistical breakdown for deadmau5’s NFT single, “this is fine.”:  

 Blockchain: NEAR     
 Platform: Mintbase     
 Utility: Limited Edition Music Drop (Scarcity), Unique Artwork, & Additional 
Utility and Integrations in The Metaverse      
 Method of Purchase: Credit Card or NEAR     
 Release Type: Limited Release (502,719 copies)     
 Artist Size: Major (3M monthly Spotify Listeners)     

 ### Deadmau5’s Influence on Blockchain Uses in The Music Industry  
 As one of the highest paid electronic music producers in the world, Deadmau5 is using his platform to “modernize industry standards” regarding music distribution technology and The Recording Industry Association of America (RIAA) certifications. For example, if 1 million copies of “this is fine.,” are sold, “this is fine.,” will be the first NFT song to get certified platinum despite its unconventional selling method.  

 As we’ve seen from other major artists like Tory Lanez and Grimes, music being sold as NFTs is a thriving industry. However, Deadmau5’s NFTs are a proof of concept for digital merch, metaverse, and royalties integrations. In general, deadmau5’s extensive NFTs projects and collections can arguably be treated as the blueprint for utility examples, use cases, pricing, etc in the music industry.  

 ### Conclusion  
 It’s clear that deadmau5 is one of the few musicians who understand the full potential of blockchain application in the music industry as we’ve seen multiple NFT use cases through his NFT collections.

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