Rock band Our Lady Peace releases first NFT album in Canada

Veteran rock band Our Lady Peace will release their new album as a non-fungible token (NFT) on October 30, becoming the first musicians in Canada to do so.

The group, which formed in Toronto in 1992, have had several hit songs and are one of the best-selling Canadian groups of all time. Their 10th studio album, named “Spiritual Machines 2”, is a thematic sequel to the certified double platinum album “Spiritual Machines” released in 2000.

Before the new album is released widely, it will be available exclusively for two months in the form of an NFT – a single cryptocurrency unit that runs on a transparent blockchain.

However, unlike Bitcoin, it is not interchangeable and is a totally unique digital asset.

NFTs remain a new technology, which garnered public interest earlier this year. Digital currency can be beneficial for artists as it allows them to give a rightful owner a secured file that can be showcased, viewed, or resold – with a percentage of the profits that can be set aside for creators as a royalty.

However, like other collectibles such as paintings, the value of an NFT can become subjective and fluctuate much like stocks.

American rock band Kings of Leon was able to generate over $ 2 million in sales when the group became the first global artist to release an album as NFT earlier this year. Since then, musicians such as Eminem and Lil Pump have dropped singles as NFT, but no one else has released a full album in cryptocurrency format.

The NFT version of Spiritual Machines 2 is limited to 500 copies. And the price is, like most NFTs, negotiable. The album will be released on regular listening formats in January.

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Corina C. Butler

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