The Chainsmokers are giving away streaming royalties to fans on Royal
The Chainsmokers are giving away streaming royalties as NFT off of their album SO FAR SO GOOD to 5,000 fans for free.
The Chainsmokers’ fourth studio album, SO FAR SO GOOD, is about to be released at midnight, and the pair has already announced plans to distribute streaming earnings as NFT to fans. The Chaisnmokers have a history with NFT technology and cryptocurrency, having invested in a number of projects and owning a Bored Ape and a variety of other NFTs. They’ve also invested in Royal, 3lau’s own music NFT marketplace, which will host their NFT drop.
EDM superstars The Chainsmokers, two of Royal’s $55 million round investors, are releasing 5,000 NFTs specifically for their fans, including frequent ticket buyers, active discord members, and even those who have had a strong relationship with the pair over the years.
“We’ll be giving away these tokens for FREE to our biggest fans. Because you inspired us so much in our creation of this album, we want you to join us on its journey. They are our gift to kick-start this new modern fan community. If you are a Chainsmokers fan check your email, fans that are eligible for one of the 5,000 NFTs have been emailed before the 12th of May. Redeem day will be on May 17th on Royal.
This Chainsmokers NFT drop will give fans 0.005% Streaming Royalties from the full album SO FAR SO GOOD. The 5,000 NFTs will be distributed in two stages. Phase 1 will begin at 6 p.m. ET. 4,000 tokens will be distributed for the Duos VIP list, and at 8 p.m., 700 tokens will be distributed for The Chainsmokers VIP list + General Access on Royal.io The remaining 300 tokens from the 5,000 will be distributed discreetly to the Duo’s close friends and family members. Andrew & Alex also shared that they will not be taking any percentages from the secondary sale, this means if fans decide to sell their token on the secondary market no profits will go towards the Duo but, 7.5% will be going towards the 14 songwriters who collaborated with The Chainsmokers on the album tracks.
“We will not be taking a percentage of secondary sales. Instead, the 7.5% fee of every secondary sale will get distributed equally amongst 14 songwriters who wrote the album songs with us. Because of antiquated laws and old judgments, we believe songwriters are underpaid.”
Image Credits: Chainsmokers Official Press