Transparency has always been lacking in the world at large, in almost every industry, but especially the music industry. That’s why we are huge proponents of the power of Web3 and many of the features of it like blockchain, and the ability it has to bring transparency to the world. The potential of Web3 has incredible implications on what the future of the world will look like. Some of its opportunities are potentially beyond our comprehension at the point in time as the space develops, but one area it will have a resounding and positive effect on immediately is the power of ownership. Web2, while an amazing advancement in technology, left the vast amount of people creating a majority of the content without any actual ownership. We are excited about the potential of the space to put the power back in the hands of the creators and in turn creating a flourishing world of community. We have invested in many Web3 companies including Royal, Moonpay, Portals, Magic Eden, Axie Infinity, Mythical games, Superplastic, Metaplex, Sling Shot, Alchemy and RTFKT just to name a few.
One exciting development in the Web3 space is the concept of Non-Fungible Tokens (or “NFTs”), which are implemented on a blockchain. NFTs can link to, record ownership of, or otherwise be associated with certain content, data or rights. For example, NFTs can be associated with a specific piece of digital art, music, or memorabilia and even concert tickets. We believe music NFTs specifically can provide an incredible opportunity for artists to connect with their fans and create a community in a transparent manner.
For the last 10 years we have toured the world, made 2 EPs and 4 albums, and followed our fans wherever you’ve been — to every continent, country, arena, festival, and social media platform. We’ve been chasing you because you are the reason we do this. We’ve had ups and downs and made mistakes, but you have always been there for us. For the last 2 years we obsessed over this album. We thought about you a lot and we thought about how we couldn’t have gotten here without you. This album is for every one of you that supported us, that came to a show, that streamed a song, that liked a post, that hugged us when you saw us. We knew these next few years for us were about going deeper and not wider. Forging real meaningful bonds with our biggest supporters via any avenue we could, from Discord to Fanhouse. That said, we didn’t want to stop there. We thought long and hard about how to make this community official and how to give back to our fans.
We came to what was an obvious conclusion: give away a portion of the master streaming royalty rights for So Far So Good to our biggest fans.
We are working with Royal to make (or “mint”) 5,000 NFTs, which are referred to as Limited Digital Assets or LDAs on Royal’s platform — they are tokens that have music rights and additional benefits embedded in them. The tokens will include, among other perks, a right to a proportional collective of a 1% audio streaming royalty from all 13 songs on our finished album.
We’ll be giving away these tokens for FREE to our biggest fans. Because you inspired us so much in our creation of this album, we want you to join us on its journey. They are our gift to kick-start this new modern fan community.
A number of artists have done this in the past, but not for free. 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.
As a holder of one of these tokens, you will also be able to join a private Discord sub-channel with access to exclusive content, info, and us directly.
We are also planning giveaways and surprises and priority access to tickets, merch, and events to support our community. The first giveaway will be VIP tickets and meet & greet to an upcoming headline show. Owning multiple tokens may also give you access to additional perks and opportunities that we will announce randomly. Think of this NFT as a direct channel to you all where we can airdrop you directly all sorts of things over time!
Of course, as with most NFT products, after the initial drop, you will be able to transfer and sell your token if you choose. Typically NFT creators get a percentage of secondary sales which is paid back to them so they can continue to earn money on their art every time it’s resold. That is part of the beauty of NFTs and how it can help artists make a living in perpetuity.
Here though, we will not be taking a percentage of secondary sales. Instead, the 7.5% fee of every secondary sale will get distributed equally amongst 14 songwriters who wrote the album songs with us. Because of antiquated laws and old judgments, we believe songwriters are underpaid. We couldn’t have written these songs without this core group of amazing writers and we wanted to find a way to give them something extra for being a part of our journey. They are: Emily Warren, Ian Kirkpatrick, Whethan, JKash, Aldae, Madi Yarnovsky, Chloe George, Natalie Salomon, Fatman Scoop, Nick Long, Jeff Halavacs, Alex Schwartz, Joe Khajadourian, and Adam Melchor.
We know for many of you, this technology is brand new and uncharted territory. It might be frustrating to some and you may have concerns. There’ve been times where we were nervous about doing something like this as well, but we thought if we presented it with the best intentions and removed any sort of financial gain then you might see it as a pure gesture to our community. Also, in working closely with Royal the past 8 months we knew we could deliver an amazing drop that exceeded any expectations… This is just the beginning!
Royalties in this non-transparent world are complicated. NFTs are complicated and there is a lot of misinformation about them and how they work. But we believe they are the future of technology and will make the world a better, more transparent place. We know you will have questions and we will try our best to answer them all. For now, here are responses to questions we anticipate you may have.
How are fans eligible to receive a token from the giveaway? We have gathered email addresses from over 30,000 of our biggest fans via data on most frequent ticket buyers, our most prolific streamers, our Discord server and know many of you personally from over the years. This group of fans are on our VIP list, and will have the first chance to redeem one of the tokens. If you are in this group, you were notified on or before May 12, 2022 that you are eligible to redeem a So Far So Good token on May 17, 2022 on Royal.io.
Claiming a token for this drop will happen in two phases.
- Phase 1: At 6PM ET 4,000 tokens will be available for The Chainsmokers VIP list
- Phase 2: At 8PM ET an additional 700 tokens will be available for The Chainsmokers VIP list + General Access
Not sure if you’re on the list? Go to https://royal.io/editions/thechainsmokers-sofarsogood and sign in with your email address to find out.
Any tokens not claimed during phase 1 will roll over to phase 2. We have reserved 300 tokens that we’ll be giving away to friends, family, and fans so they can share in the community.
Are there any fees to claim a token? Since we are giving these away you will not need to have any cryptocurrency to claim one of our NFTs. You will not have to pay gas fees or any other fees to redeem or acquire the NFTs for the primary redemption. Royal will be covering them.
Do I need a crypto wallet to claim a token? Nope. If you have a wallet already, you can link it to your account on Royal (metamask only). If you don’t, Royal will create a wallet for you behind the scenes.
On what blockchain are the tokens minted? These NFTs will be minted on the Polygon blockchain, which is a blockchain that connects to the Ethereum blockchain. You may be able to transfer the NFT on third party platforms, such as Opensea, provided that you provide Royal (and the applicable third party platform) all information required to link your blockchain wallet such as MetaMask.
What about the environmental impacts? There has been much press and commentary about the amount of energy that blockchain uses specifically the Ethereum blockchain and its effects on the environment. As mentioned, Royal uses Polygon which advertises itself as a more eco-friendly blockchain using significantly less energy than many of the larger blockchains. For more public info on Polygon’s environmental impact: https://blog.polygon.technology/polygon-the-eco-friendly-blockchain-scaling-ethereum-bbdd52201ad/
If I claim one of the tokens in the giveaway, can I expect to make a specific amount of royalties or gain any intellectual property rights? These NFTs are being offered primarily for the experience and the creation of a community of fans. While they are tied to a royalty from our album So Far So Good, there is no guarantee that you will receive a specific amount of royalties from the drop. It is also important to note that if you acquire one of the NFTs in the giveaway, you own the actual token, but not the intellectual property rights in the content, recordings, music, audio, materials, and/or images linked to or associated with the NFT, although for as long you own such token you are granted a license to use and display the content, materials, and/or images linked to or associated with your NFT for your personal, non-commercial use. In all cases, it is very important to review in full the terms of service (both Royal’s standard terms and the specific artist terms for the drop) as well as the NFT agreement that you will be required to sign before claiming your NFT.
Where can I find more information on the Royal platform? For a beginners guide to NFTs from Royal you may find helpful: https://royal.io/blog/a-beginners-guide-to-music-nfts-and-royal-s-limited-digital-assets
For a guide to transferring or selling tokens from Royal go here: https://support.royal.io/hc/en-us/articles/4415732992531-How-do-I-transfer-my-token-to-another-wallet-