The Chainsmokers’ latest NFT drop will give away 1% of their new Album

The famous electronic music duo, The Chainsmokers, will be giving away 1% of their new album, So Far So Good, through an NFT drop. The NFT drop comprises 5000 NFTs that will allow fans to share 1% of the revenue.

The Chainsmokers is an American electronic DJ and production duo consisting of Alexander “Alex” Pall and Andrew “Drew” Taggart

The Chainsmokers NFT Drop is the first of its kind in the music Industry

The NFTs will be handed out on May 17th, and the duo will use the Royal platform for the giveaway. The Chainsmokers’ VIP list will receive 4,000 tokens in phase one, which begins at 6 p.m. EST. Whereas,the VIP list and public access fans will receive an additional 700 tokens in a phase two drop. Fans do not need to have any cryptocurrency to claim one of the NFTs, and Royal will cover all costs. Taggart and bandmate Alex Pall will choose the winners via data analysis from concert purchases, song streaming and Discord engagement.

In a recent blog post, The Chainsmokers added :

“The tokens will include, among other perks, a right to a proportional collective share of a 1% audio streaming royalty from all 13 songs on our finished album”.

The NFTs will grant fans access to a members-only area of The Chainsmokers’ Discord channel and the opportunity to meet the duo personally. Futhermore, NFT holders will be notified upon receiving payments. On selling the NFTs, a smart contract will transfer 7.5 per cent of proceeds to the Chainsmokers, which the duo intends to give to the album’s songwriters. The supporters need not have any prior knowledge of NFTs. They will have the option to choose between connecting their own Web3 wallet to the site or relying on Royal’s wallet to store their NFTs. Interestingly, the transfer or selling of NFTs will not require any transaction fees.