Pop group The Chainsmokers will release NFTs to give fans a portion of streaming royalties from new album “So Far So Good,” Bloomberg wrote on Thursday (May 12).
There will be 5,000 NFTs and they will be given away for free on May 17.
The report notes that holders will receive a collective 1% of the album’s royalties.
There will apparently be a VIP list made up of frequent concert ticket buyers and superfans who will get early access.
Another perk will include priority access to concert tickets and free merchandise.
Band member Drew Taggert said the goal was to help the band reconnect with fans.
“We were very lucky to have global success, but at some point we felt really disconnected from our fanbase,” Taggart said, according to the report.
The band’s new album will be their first in over two years.
NFTs struggled a bit, with a rout punishing them and cryptocurrencies, and many collections, including the popular Bored Ape Yacht Club, saw their prices plummet.
NFT Chainsmokers might be different, as they are based on the Polygon blockchain and offer real benefits to fans, which might separate them from the pack.
See also: Hype May Diminish, But NFT Uses and Buyers Are Growing
NFTs have been trending before, but a report from Coindesk earlier this year claims that reports of flat NFT sales are missing a broader trend of NFTs doing very well.
The report indicates that while the volume of transactions has seen peaks and falls, the number of buyers and sellers has only increased.
The OpenSea NFT market has seen a growth in the number of weekly active collections, i.e. those with a transaction during this period.
This is important because of the number of possible uses for NFTs that make it a great medium for things like songs, actions, and more.