Pop act The Chainsmokers will release NFTs to give fans a piece of the streaming royalties from the new album “So Far So Good,” Bloomberg wrote Thursday (May 12).
There will be 5,000 NFTs and they’ll be given out on May 17 for free.
The report notes that the holders will get a collective 1% of the royalties from the album.
There will reportedly be a VIP list made up of frequent concert ticket buyers and superfans who will get early access.
Another benefit will include the priority access for concert tickets and free merchandise.
One band member, Drew Taggert, said the point is to help the band reconnect with fans.
“We’ve been very fortunate to have global success, but at some point felt really disconnected from our fan base,” Taggart said, according to the report.
The band’s new album will be its first in over two years.
NFTs have been facing some trouble, with a rout that punished them as well as cryptocurrencies, and many collections, including the popular Bored Ape Yacht Club, have seen their prices falling.
The Chainsmokers NFTs could be different, because they’re based on the Polygon blockchain and offer real benefits for fans, which could separate them from the pack.
See also: Hype May Be Shrinking but NFTs’ Uses, Buyers Are Growing
NFTs have been in flux before, but a report from Coindesk earlier this year argues that the reports of flatlining NFT sales are missing a larger trend of NFTs doing very well.
The report said that while transaction volume has had its spikes and falls, the number of buyers and sellers has only been growing.
NFT market OpenSea has seen growth in the number of weekly active collections, meaning those with any transaction in that time.
This matters because of the number of possible uses for NFTs that make them a great medium for things like songs, stocks and more.
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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022
About: Shoppers who have store cards use them for 87% of all eligible purchases — but this doesn’t mean retailers should boot buy now, pay later (BNPL) options from checkout. The Truth About BNPL And Store Cards, a PYMNTS and PayPal collaboration, surveys 2,161 consumers to find out why providing both BNPL and store cards are key to helping merchants maximize conversion.
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