This was the first single Kiss ever released. Although the song failed to chart, it remained a concert staple throughout the 1970s and has been featured on many live albums and compilations.
Gene Simmons wrote the song. It describes him coercing his girlfriend into trying anal sex, and her subsequent enjoyment of it. He told Classic Rock magazine: "Nothin' To Lose came to me after hearing the line in two different songs. One was a Little Richard song, and another was a song called 'Sea Cruise,' which had the line, 'You got nothin' to lose, won't you let me take you on a sea cruise.'"
This was the first Kiss song to feature somebody from outside the group, as Bruce Foster played piano on the track. Foster was a member of Shark Frenzy, which was Richie Sambora's first band.