American electronic DJ duo The Chainsmokers (Drew Taggart and Alex Pall) is going to drop utility NFTs that will grant 5,000 holders 1% of the upcoming album's royalties, Billboard reports. The new album called "So Far So Good" is already available for purchase, with NFTs coming as soon as Tuesday, May 17.
The digital collectibles will be available on the music NFT marketplace Royal. The holders will also gain access to the duo's private Discord server with exclusive content.
It was important for us to do it this way because this isn’t about profiting off some new tech for us, it’s about connecting more deeply with you and harnessing a new disruptive technology in an effective way that truly shows what is possible as we head towards a Web3 world.
The NFT sale will be conducted in a phased manner with the first drop of 4,000 tokens id scheduled to be available for The Chainsmokers VIP list starting at 6 p.m. EST. A few hours later, at 8:00 pm EST, another 700 NFTs will be dropped as part of the second phase for the VIP list with general access coming afterward.
The DJ duo doesn't plan to take a cut from secondary sales. Instead, The Chainsmokers will get a 7.5% fee distributed between the 14 songwriters who collaborated on making the "So Far So Good" album.