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Chainsmokers set to share 1% of royalties with fans

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

Chainsmokers in the Web3 space

A few years ago, some stakeholders in the NFT space predicted that NFTs would infiltrate every aspect of life and society in the near future. The public looked at the trendsetters who shared their predictions as crazy people. However, in many ways, the predictions of NFT enthusiasts have been achieved and surpassed over the years.

The music industry has become one of the most enthusiastic adopters of NFT technology, not just NFT; The industry can’t get enough of what the Web3 ecosystem has to offer.

Over the past few months, we’ve seen big brand debuts in the NFT space, industry startups have welcomed record labels, and we’ve seen artists redefine what the music business should include through NFT.

You may have heard of chainsmokers; This electronic band has made a huge name for itself while creating a solid following among electronic music fans. Outside of music, members of the Chainsmokers band have solidified their position as intelligent Web3 inventors and investors, and it makes a lot of sense to jump in to release an “NFT music album.” No wonder the band decided to explore this route.

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

So far so good

The Chainsmokers are well known for their hit solo songs, including Closer and Paris, and with the release of their latest album, they plan to bless fans with a new experience different from any other.

Chainsmokers have dropped 5,000 NFT on new albums and these NFTs will collectively give fans a 1% share of the album’s royalties. The recent development is exciting because it is the most high-profile example of a musician using NFTs to return and share royalties with fans.

Of course, using NFT to share royalties with fans is not the only case.

Other high-profile pop stars, including Diplo and Nass, have issued “royalty-generating NFTs” to the general public. However, this royalty is tied to certain songs.

Therefore, it is safe to say that chainsaws were the first mainstream artists to add ‘royalty-generating NFT’ to an album.

This is a wonderful time to be a loyal fan

Alex Paul and Drew Taggart, chainsmokers, say they have successfully identified 5,000 of their most loyal fans by working with a team to analyze data from concert sales, their discord activity and music streams.

In a recent interview, Taggart said,

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

Holders of Chainsmokers NFTs will also be able to access future benefits such as access to the Chainsmokers discord channel’s only members section and the opportunity to meet celebrities in person.

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