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The album will be released on May 13. The NFT drop will take place on May 17. After the initial drop, users will be able to transfer and sell their tokens like most NFT products.
The Chainsmokers, a New York City-based electronic music duo, announced their partnership with Royal, Justin Blau’s marketplace for music NFTs. Within the deal, The Chainsmokers will give away streaming royalties from their new album “So Far So Good” as an NFT drop.
The duo will mint as many as 5,000 NFTs on Royal’s platform. The tokens will offer a right to a proportional collective of a 1% audio streaming royalty from all 13 songs on the finished album. According to The Chainsmokers, they decided to give NFTs for free to express gratitude for the inspiration they got from their fans to create the album. In addition, the musicians will not be taking a percentage of secondary sales of the NFTs. Instead, they will distribute it between the songwriters on the album. This means that the 7.5% net royalty they would have received for every secondary sale, which is usually reserved for creators, will now be paid to the other songwriters.
For The Chainsmokers, the NFT drop is another big step towards a Web 3.0 world that they entered earlier. In November last year, the duo invested in the Royal platform. At that time, Royal raised $55 million.
The Chainsmokers commented:
“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 a new disruptive technology in an effective way that truly shows what is possible as we head towards a Web3 world.”
The album will be released on May 13. The NFT drop will take place on May 17. After the initial drop, users will be able to transfer and sell their tokens like most NFT products.
The Chainsmokers’ NFT drop is just one latest example of celebrities using NFTs to share royalties with fans. Earlier, Nas teamed up with 3LAU to release his first-ever NFT collection on the Royal platform. The NFTs feature Nas’ tracks “Ultra Black” and “Rare”, the singles from his albums King’s Disease and King’s Disease II respectively.
Another musician Diplo has issued royalty-generating NFTs as well. He released “Don’t forget my love” through the Royal platform, with 20% of streaming royalties given away across 2,110 NFTs. Royal offered three different tiers for fans looking to invest in Diplo’s music. In particular, there were 2,000 Gold tokens priced at $99 that provided a 0.004% streaming royalty rights ownership. Further, 100 Platinum tokens gave buyers a 0.05% streaming royalty rights ownership for $999. Finally, 10 most expensive Diamond tier tokens give buyers a 0.7% streaming royalty rights ownership for $9,999.
Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.
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