The Chainsmokers to convert a percentage of new album royalties to NFT

Popular band The Chainsmokers have decided to use Non-Fungible Tokens (NFTs) to promote their new album ‘So Far So Good’. Free NFTs will be given to the fans by Drew Taggart and Alex Pal. This will be a limited collection and around 5,000 NFTs will be generated for this.

The Chainsmokers have tied up with Royal, a music-focused NFT marketplace. Billboard quoted The Chainsmokers as saying, “It was important for us to use this method because it’s not about making profits from a new technology. It’s an effective approach. We’re moving to Web3.” Chainsmokers fans who receive these NFTs will have access to the band’s private Discord channel, featuring exclusive content and other benefits.

No cryptocurrency is required and no fees will be required to take NFT. “The Chainsmokers have put together a VIP list for their big fans. This includes fans and streamers who have bought more tickets from the Discord community as well as people from the Discord community. If anyone is on the VIP list they will be notified,” Royal explained on Twitter.

Using blockchain technology, NFTs authenticate tokens of unique items that are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated. With the increase in the business of NFTs, the cases of scams related to them have also increased. In some such cases, NFT buyers have suffered huge losses. In the US, some major fraud cases related to this segment have been uncovered. Some of the accused have also been arrested. These cases have raised apprehensions about trading in this segment. The popularity of NFTs has increased in recent months. Sports clubs, automobile companies and pop stars are also getting into this business.