Recently in an exciting turn of events, the popular pop duo Chainsmokers announced their plans to create an NFT collection that includes streaming royalties for the NFT holders. Chainsmokers conducted an NFT giveaway where 5000 fans received a 1% cut of the royalties.
This move started waves in the music NFT industry as, for the first time ever, any artist planned to conduct a giveaway on such a large scale. The duo plans to give out 100 million RACs for each track released and 10 million tokens per concert ticket sold.
This collection was released on the marketplace called Royal, and the Royal NFTs are the new type of token developed by the project. The tokens will only be provided to the fans who pre-ordered the upcoming album.
Chainsmoker Royal NFTs
Chainsmokers are not the first musicians to experiment with NFTs, as artists like Nas and Diplo have been experimenting with embedding royalties into tracks using NFTs before. However, the Chainsmokers chose to take things a notch higher by releasing NFTs that include royalty cuts from their complete album. The album has 13 songs, and the 5,000 NFT holders will now have access to 13 new passive income streams.
Moreover, to set it apart from other such NFTs, Chainsmokers gave the 5,000 NFTs for free to the fans depending upon the metrics such as concert attendance, music streams, and Discord activity to ensure fair distribution. Every NFT holder will receive a 0.0002 percent royalty cut for each song.
While this minuscule percentage might not pique the interest of some fans, the additional perks such as access to a members-only Discord section for The Chainsmokers and the opportunity to meet the duo surely will.
This development is very exciting for the music and NFT industry as there are new avenues in the industry being experimented with. The future of NFTs is strong, especially in the art industry, as now evident from such events.