The Chainsmokers shares album royalties with fans as free NFTs
The Chainsmokers is dropping its album ‘So Far So Good’ and giving away royalties to fans through free NFTs. Royal claims the move will make The Chainsmokers the first major artist to share royalties for their album for free.
The giveaway will take place on the music NFT marketplace Royal on May 17, Tuesday following the album’s release on May 13, where The Chainsmokers - Drew Taggart and Alex Pall will mint 5,000 NFTs (also known as LDAs) to represent 1% of the album’s master streaming royalties (0.0002% ownership per token). These NFT holders will also gain access to The Chainsmokers’ private Discord community where exclusive content and perks are available.
In the phase one drop, 4,000 NFTs will be available for whitelisted fans starting 6pm EST. In the phase two drop, an additional 700 NFTs will be released at 8pm EST for the whitelisted fans and general fans. No cryptocurrencies are required to claim the NFTs and all related fees will be covered by Royal.
In a blogpost published by The Chainsmokers, they wrote about their decision to partner with Royal in this giveaway and described LDAs as ‘tokens with music rights and additional benefits built into them.’
‘The tokens will include, among other franchises, the right to a relative pool of 1% ownership of the audio stream of all 13 songs on the final album.’
‘We will be giving away these tokens for Free to our biggest fans. Since you inspired us so much in creating this album, we want you to join us on his journey. It’s our gift to starting this new contemporary community of fans.’ they added.
Royal is a music NFT marketplace that has made a lot of noise in the music industry since its launch last summer. The marketplace is co-founded by musician and producer Justin Blau (3LAU) and enables artists to sell portions of music ownerships in the form of NFTs. Royal raised US$ 55 million in a funding round led by Andreessen Horowitz in November 2021.
Traditionally, the music industry is notorious for its costly lawsuits and complicated royalty process. Royal’s model of eliminating middlemen and using Blockchain technology to allow artists to retain control over the songs are a breakthrough initiative. It also allows artists to share financial proceeds with fans.
‘The value of music ownership is vastly misrepresented and undervalued today, but it won’t be for too much longer, as more musicians embrace the Web3 ecosystem,’ Blau wrote in a recent blog post describing the emerging NFT era.
Photo: The Chainsmokers