Pop music duo the Chainsmokers plan to release nonfungible tokens that will give fans a cut of the streaming royalties from their new album, “So Far So Good.”
The 5,000 NFTs will be given out for free on May 17, with a VIP list made up of frequent concert ticket buyers and other superfans getting early access.
Holders are entitled to a collective 1% of the “So Far So Good” royalties, the group announced Thursday.
It’s a tenuous moment for NFTs, which have been hit hard by a rout that’s also punished cryptocurrencies.
Blue-chip NFT collections like Bored Ape Yacht Club have seen prices plummet in recent days.
But the Chainsmokers’ NFTs, which are based on the Polygon blockchain, offer actual perks to fans. That may may help them stand out from other tokens, said Drew Taggart, one of the group’s members.