In brief

  • The Chainsmokers are the first to share royalties of an entire album with their fans.
  • 5,000 fans will receive an NFT that entitles them to a share.

The electronic music duo The Chainsmokers are best known for catchy hits like “Closer” and “Paris,” but they have also made a name for themselves as Web3 innovators. The latest example comes with the release of their new album “So Far So Good,” which will include a drop of 5,000 NFTs that will let fans share in 1% of the royalties.

This is the most high-profile example to date of musicians using NFTs to share royalties with fans. While artists like Nas and Diplo have issued royalty-generating NFTs tied to specific songs, this is the first time a band has done so for free for an entire album.

“We’re trying to go deeper than wider with our fan base with this new album,” said the Chainsmokers’ Drew Taggart. 

In an interview with Decrypt, Taggart and bandmate Alex Pall explained that they identified their most loyal fans, 5000 of whom will receive an NFT, by analyzing data from concert sales, music streams and Discord activity.

An NFT is unique type of token that is used to demonstrate ownership over a digital asset, such as art, video game items, or music. In this case, the NFTs will entitle Chainsmokers fans to a share of royalties, but also to additional perks like access to a members-only section of The Chainsmokers’ Discord channel, and opportunities to meet with the duo directly.

Those who receive the NFTs will receive notifications on a quarterly or semi-annual basis about when they receive a payment. If they…

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