"It might be frustrating to some and you may have concerns..."
US duo The Chainsmokers are giving back to their “biggest fans”, revealing a portion of streaming royalties from new album So Far So Good will be given away for free.
Teaming up with Royal, a platform co-founded by producer 3LAU that allows artists to sell fractional music ownership in the form of NFTs, The Chainsmokers will release tokens to fans.
“We are working with Royal to make (or ‘mint’) 5,000 NFTs, which are referred to as Limited Digital Assets or LDAs on Royal’s platform — they are tokens that have music rights and additional benefits embedded in them,” The Chainsmokers explained via Royal.
“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 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.”
That equates to 0.0002% ownership per token – which isn’t a lot, but not bad given they’re free (something that hasn’t been done before).
Don't miss a beat with our FREE daily newsletter
Those lucky enough to get a token will also have access to a private Discord sub-channel with access to exclusive content, info, and the band directly.
They added: “We know for many of you, this technology is brand new and uncharted territory. It might be frustrating to some and you may have concerns.
“There’ve been times where we were nervous about doing something like this as well, but we thought if we presented it with the best intentions and removed any sort of financial gain then you might see it as a pure gesture to our community.
“Also, in working closely with Royal the past eight months we knew we could deliver an amazing drop that exceeded any expectations… This is just the beginning!”
The Chainsmokers have gathered email addresses of their “biggest fans” via data on most frequent ticket buyers, most prolific streamers, Discord server and more, creating a “VIP list” of 30,000 people that will get first access to the tokens.
For more info head to Royal.io.