Quick take:
- The Chainsmokers are offering 1% of their new album to their fans through an NFT drop.
- The popular electronic DJ and production duo will give 5000 an NFT, entitling them to a share of the royalties.
- The NFT drop will be a first-of-its-kind in the music industry.
The Chainsmokers have announced an NFT drop that will grant their fans a 1% share of the royalties from their latest album, “So Far So Good”. The popular electronic DJ and music production duo said they will give 5,000 fans NFTs in an industry-first offer.
The Chainsmokers duo is made of Alexander “Alex” Pall and Andrew “Drew” Taggart, who have also become popular in the Web3 space. They are known for making top hits like “Closer” and “Paris,”.
Although popular artists like Nas, Diplo, and Snoop Dogg have dominated headlines in the NFT space, there has not been a single case where an entire album dedicated 1% of the royalties to fans through an NFT drop.
Commenting on the decision to share their royalties for the ”So Far So Good” album with fans, the Chainsmokers’ Drew Taggart said: “We’re trying to go deeper than wider with our fan base with this new album.”
The duo have identified their most royal fans, 5,000 of them, who they have enlisted for the NFT giveaway.
Taggart and bandmate Alex Pall said in an interview that they collected data from concert sales, music streams and Discord activity to come up with the list.
Non-fungible tokens are digital encryptions that provide proof of ownership of digital files like music, JPEGs, and video clips, among others. Their application in the music industry is seen as one of the biggest wins in the industry ridding the market of piracy and creating more revenue streams for artists.
Besides entitling Chainsmokers fans with royalties, the “So Far So Good” NFT drop will also grand them additional benefits including access to exclusive “The Chainsmokers’ Discord channel, and opportunities to meet with the duo directly.”
Holders of the NFTs will be notified quarterly or semi-annually about where to receive payments. In the event a fan wants to cash out their NFT in the secondary market, The Chainsmokers will receive 7.5% of the proceeds, which the duo said they will donate to the album writers.
The new album will be out on Friday, May 13, while the NFTs will drop a few days later beginning May 17. The Chainsmokers have partnered with Polygon-based Royal to distribute the NFTs. The platform also oversaw Nas’ recent NFT drop.
The NFTs have been made easier to access regarding the fans’ crypto knowledge. The duo has also eliminated all transaction costs related to the acquisition and transfer of the NFTs.
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