In a world’s-first, American electronic music duo The Chainsmokers are sharing royalties of their upcoming album with 5,000 of their most-dedicated fans.
The album, which is entitled ‘So Far So Good,’ dropped today, and came with 5,000 NFTs that have been distributed to fans who score best when it comes to their concert attendance, music streams, and Discord activity. Upon gaining ownership of the free NFT, the 5,000 fans will receive a 1% share of the entire album’s royalties (i.e. each will receive a 0.0002% royalty cut).
Such NFT holders will also receive additional perks such as access to a members-only section of The Chainsmokers’ Discord channel, as well as opportunities to meet with The Chainsmokers (a.k.a Drew Taggart and Alex Pall) directly.
Although embedding royalty shares into songs is something the likes of Nas and Diplo have already tried and tested, and the idea of releasing an ‘NFT album’ has already been explored by Snoop Dogg, The Chainsmoker’s efforts to share the fruits of an entire album with fans is a completely unprecedented concept.
As the endeavour’s rather outlandish nature suggests, the DJ pairing is already accustomed to the world of Web3. They invested in decentralized music platform Audius back in September, and they also have close ties with outspoken blockchain advocate Logan Paul.
