Chainsmokers To Give Album Royalties Through NFTs, For Free

Hey readers, hope you're doing well. It's been a quiet couple of days as we adjust to this crypto dip, but we have some promising stories coming out of the music industry. Let's get into it!

The Chainsmokers Giving Album Royalties Through NFTs

The Grammy award winning DJ duo “The Chainsmokers” are releasing their fourth studio album “So far so good” and have announced to give streaming earnings to fans who hold one of their 5000 NFTs. The NFT drop will give fans a collective 1% streaming royalties from the album, which doesn't sound like much at 0.0002% per NFT but it's about $200 per million, not bad for a free NFT. That's right, this drop is specifically for their community and will be free to fans that are active discord members and frequent ticket buyers. Chainsmokers themselves will not be taking a percentage of secondary sales either, and instead, the 7.5% creators fee will get distributed among the 14 songwriters who helped write the album. The platform handling these developments “Royal”, says the Chainsmokers are the first major label artist to share royalties of an album for free. This is a great example of the utility that can come with NFT technology.

Spotify To Experiment With NFT Galleries

Not long after Instagram announced their experimental rollout of displaying NFT collections, the largest music streaming service in the world is testing a way for artists to display their NFT collections through their artist profiles. This is currently in testing for some Android users in the USA and involves artists like “The Wombats” and “Steve Aoki”. Spotify says they are conducting this test in response to requests from industry partners in an effort to enable artists to deepen their connections with fans. As we enter Web3.0, NFTs give people even more ability to express themselves in the digital world. With Spotify wanting to increase listeners' connections to the artists, displaying their NFT collections is an easy win, and another step towards adoption by the greater public. 

2Pacs Original Album Cover Art Up For Auction, With an NFT

Heritage Auctions are going to auction the original album cover art painting from 2pac's 1996 “The Don Killuminati: The 7 Day Album” crafted by Riskie. The original canvas painting will be up for auction and include a one-of-one NFT which not only allows future authenticity and continued royalties for the artist, but also includes a never-before-heard story from Riskie about the origins of the art. This acts as a pretty cool practical use case for NFTs where the artist is able to benefit from future auctions, pass on behind-the-scenes content, and also allow a way of authenticating the art's true owner. This is another example of how NFTs will continue to empower many artists and creators, and we're just getting started.

Getty Images + NFTs

If you're on the internet then you've probably come across Getty Images. They're the ones that put their watermark smack dab in the middle of all their photos. Fortunately, they won't have to do that anymore! They have over 465 million images in their library, spanning over the last 170-years of history, and are about to make a big splash in Web3.0 by embracing the power of NFTs. Getty Images have partnered with Candy Digital, a marketplace that currently develops officially licensed digital collectibles for companies like the MLB and the WWE. The collection in question has been kept from the public by Getty, and includes “exceptionally rare images from legendary photographers”. This partnership allows photography collectors to transition to a world of NFTs where they can easily purchase, sell and trade their digital collectibles through the Getty marketplace on Digital Candy utilizing the Palm blockchain, which is a scalable, environmentally friendly, Ethereum side-chain. Getty Images has always been a dominant media company, so it's great to see them embracing NFTs and the next stage of the internet.

These articles exemplify how NFTs are giving more power to creators, while also allowing them to build better connections with their communities. It's exciting to see people and companies pioneering this new Web3.0 world, and we’ll be right back at ya on Tuesday with some more MorningNFTea.  

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None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.