SNEAK PEEK
- Royal NFTs are more than music rights and royalties as certain NFTs qualify for bonus real perks.
- Though the marketplace of Royal is launching into an NFT space dominated by a number of known platforms, most of them are not focused on music.
- Blau shared that a dedicated platform is needed to welcome new users since Royal isn’t focused on Web3 natives.
Royal, a giant name in the evolving music NFT space, has launched its much-awaited marketplace for music royalty rights. Initiated by “3LAU” Blau and JD Ross, Royal generated $16 million in August 2021 in a seed funding round.
Royal raised another $55 million in November 2021 funding from Paradigm, Andreessen Horowitz and Coinbase Ventures with famous musicians such as The Chainsmokers and Nas.
Using the funds, Royal developed its browser-oriented NFT marketplace during the past year. The marketplace allows users to find out new artists, see elaborated stats on each asset and trade Royal NFTs. It gets the bid data as well as purchase history from OpenSea. The dashboard collects streaming data from Prime Music, Spotify, SoundCloud Premium, Amazon, Tidal and Apple Music.
For the marketplace release, Royal is launching a new drop with Zookeper and Bingo Players, the electronic musicians.
Royal NFT provides a share of royalty payments to buyers as songs of artists play on streaming services. In the beginning of this month, Royal shared that its associate artists had paid $100,000 in royalties on more than 9,200 NFT collectors since the release.
After today’s payout, artists have shared more than $100k in streaming royalties with collectors through Royal. pic.twitter.com/NRuc86iW4y
— royal (@join_royal) November 4, 2022
This proves that collector royalties could be an actual incentive for fans to purchase non-fungible tokens from musicians they love. Though the percentage differs by song and/or artist, fans are allowed to make investments in artists alongside betting on the success of their future.
Owners won’t instantly retain what they paid for in terms of Royal NFTs, long-term collectors have benefits based on the artist or artists they support.
Blau said that they created their own marketplace because they felt that there are a majority of music fans who are not aware of how to set up a wallet. Everyone can now pay as well as trade in dollars. A wallet will be generated for those who have no prior experience of crypto and sign up for Royal. These people can deposit USDC from their bank account in the generated wallet.
The marketplace wants to leverage the blockchain-verifiable ownership concept. Royal aims to be user-friendly with minimal crypto elements. Blau mentioned that they are not doing it for the current users of crypto rather they are doing it for new users.
A few days back, Today NFT News reported 3LAU didn’t pay justified share from Ultraviolet NFT auction, alleges songwriter.
