Non-Fungible Token (NFT) is a smart crypto technology to store any digital commodity on a blockchain, each having its own market value.
NFT technology started in the year 2015 on the Ethereum blockchain.The year 2017 paved the way for digital art in the form of NFT, however, American band Kings of Leon's NFT album is its first successful industrial effort.
NFT got real popularity in the year 2020 when the artists became unemployed due to the Corona period lockdown, then artists started earning income by converting their creations as cryptocurrency. In the year 2021, Nashville, Tennessee based popular rock band "Kings of Leon" created a new format by launching a music album in this form.
Kings of Leon successfully launched their album 'When You See Yourself' on the Ethereum blockchain on 5 March 2021. The album earned the band $2 million. Band also attracted the attention of other artists by donating a quarter (about $500k) of this proceeds to the Crew Nation Fund to fund live music crews during the pandemic.
That donation further increased the popularity of NFT among artists world-wide. One of its main features was that the band made their NFT album an instantly rare collectable by announcing a burn (permanent delete in cryptocurrency parlance) of unsold NFTs by March 19.
The effect of the work of Kings of Leon was that all kinds of digital goods started becoming NFT all over the world, and they also started getting the market. Forbes Magazine estimated the NFT business at US$ 95 million in the year 2020, which increased to US$ 25 billion in 2021.
