The 5,000 biggest fans of The Chainsmokers will soon become part-owners of the duo's newly released fourth LP - So Far So Good.
Partnering with 3LAU's NFT marketplace, Royal, The Chainsmokers are turning over 1% of the ownership rights from the album back to their fans. Each token, which will be given away for free on the platform, effectively represents 0.0002% of the ownership interest. Fans who hold these tokens will receive the monetary benefits that come with such ownership, including entitlement to a fractionalized portion of the cash flows for each stream generated.
Additionally, the 5,000 NFT holders will earn exclusive perks including access to The Chainsmokers themselves via a private Discord channel and more. "We are also planning giveaways and surprises and priority access to tickets, merch, and events to support our community. The first giveaway will be VIP tickets and meet & greet to an upcoming headline show," the duo explained in an announcement on Royal. "Owning multiple tokens may also give you access to additional perks and opportunities that we will announce randomly."
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To identify the lucky 5,000 who will have first dibs on these tokens, The Chainsmokers combed through over 30,000 fan emails, ticket sale information, and other digital engagement metrics.
Some fans may choose to sell the tokens on the open marketplace. Most NFTs have a built-in mechanism for benefitting the creator each time their tokens change hands on the market. In this case, however, The Chainsmokers have instead opted to turn over the benefits of each and every secondary sale to the 14 songwriters who participated in crafting the album. "Because of antiquated laws and old judgments, we believe songwriters are underpaid," their statement reads. "We couldn’t have written these songs without this core group of amazing writers and we wanted to find a way to give them something extra for being a part of our journey."
“The Chainsmokers are the first major label artist to share royalties for an entire album for free, 3LAU tells Music Business Worldwide. "This is certainly a first for the music industry, but also a first within the emerging music NFT space."
The So Far So Good NFT drop takes place on Royal on May 17th, 2022.