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Chainsmokers set to share 1% of royalties with fans

Chainsmokers are set to revolutionize the music industry as the music band is ready to share royalties of their new album with 5,000 lucky fans thanks to the power of NFTs.

Chainsmokers in the Web3 space

A few years ago, some stakeholders in the NFT space predicted that NFTs would infiltrate every facet of life and society in the not-so-distant future. The public looked at the trendsetters that shared their predictions as crazy people. However, in more ways than one, predictions of NFT enthusiasts from years ago have been achieved and surpassed.

The music industry has been one of the most enthusiastic adopters of NFT technology, not just NFTs; the industry cannot get enough of what the Web3 ecosystem offers. 

Over the last few months, we have seen big brands debut in the NFT space, the industry welcomed startup record labels, and we are witnessing artists redefine what the music business should entail through NFTs.

You might have heard about The Chainsmokers; this electronic band has made a massive name for themselves while creating a solid following among electronic music fans. Beyond music, the Chainsmokers band members have solidified their place as savvy Web3 innovators and investors, and the leap to releasing an “NFT Music Album” makes a lot of sense. It does not surprise anybody that the band has decided to explore this route.

Throughout this article, we will look into the NFT aspects of The Chainsmokers’ new album, So Far So Good.

So Far So Good

The Chainsmokers are well known for their hit singles over the years, including, Closer and Paris, and with the debut of their latest album, they planned to bless fans with a fresh experience unlike any other.

Chainsmokers’ new album features a drop of 5,000 NFTs, and these NFTs will collectively give fans a 1% stake in the album’s royalties. The latest development is exciting as it is the most high-profile example of a musician utilizing NFTs to give back and share royalties with fans.

Admittedly, this is not the only occurrence of NFTs being used to share royalties with fans. 

Other high-profile pop stars, including Diplo and Nas, have issued “royalty-generating NFTs” to the general public. Although, these royalties are tied to specific songs.

Therefore, it is safe to say that the Chainsomkers are the first mainstream artists to tie ‘royalty-generating NFTs’ to an album.

It is an excellent time to be a loyal fan

Alex Pall and Drew Taggart, the Chainsmokers, said that they successfully identified 5,000 of their most loyal fans by working with a team to analyze data from concert sales, activity on their Discord, and music streams. 

In a recent interview, Taggart said the following,

 “We’re trying to go deeper than wider with our fan base with this new with this new album.”

Chainsmokers NFTs holders will also be able to access future perks such as entry to a members-only section of The Chainsmokers discord channel and opportunities to meet the stars in person.

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Musa
Musa is a content creator, student, and founder of Equatif.com He is interested in the creation of thought-provoking pieces about digital technology. When he’s not working on Equatif, he’s volunteering across West Africa to bring about social change. He’s most passionate about SDG 4.

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