The Chainsmokers have announced that they will be giving fans a share of streaming revenue from the group’s new album through non-fungible tokens (NFTs). The pop music duo will release NFTs to provide fans a share of the streaming royalties from their new album, “So Far So Good.”
The Chainsmokers have partnered with Royal, an NFT platform co-founded by musician and producer 3LAU (Justin Blau).
“The tokens will include, among other perks, a right to a proportional collective of a 1% audio streaming royalty from all 13 songs on our finished album. We’ll be giving away these tokens for FREE to our biggest fans. Because you inspired us so much in creating this album, we want you to join us on its journey. They are our gift to kick-start this new modern fan community,” The Chainsmokers wrote in a blog.
The band said the aim was to connect more deeply with fans.
“A number of artists have done this in the past, but not for free. It was important for us to do it this way because this isn’t about profiting off some new tech for us. It’s about connecting more deeply with you and harnessing new disruptive technology in an effective way that truly shows what is possible as we head towards a Web3 world,” the post read.
A VIP list of frequent concert ticket buyers and superfans would get early access, with 5,000 NFTs given out for free on May 17. The group has announced that holders are entitled to 1% royalty of the album, So Far So Good.