Diplo, the world-famous DJ, will release one of his tracks as an NFT. The DJ’s new song will be released only on the blockchain-based music company Royal, rather than on traditional Web2 streaming sites.
The royalties rights for the track “Don’t Forget My Love” will be coupled with Polygon-based NFTs dubbed “Limited Digital Assets (LDA).” Additionally, on March 29, Royal will offer 2,110 Diplo LDA tokens. This enables Diplo fans to have a stake in the music.
There are three levels of tokens. The lowest, at $99, provides the owner with just 0.004 percent of the song’s streaming earnings. In comparison, the owner of the highest tier — priced at $9,999 – will get 0.7 percent of royalties.
Royal founder DJ Justin Blau commented: “Diplo is a cultural leader and innovator who always pushes boundaries. We’re incredibly stoked that his fans will have the opportunity to own a piece of his music. This drop shows there’s a real, mainstream application for blockchain technology, and the use cases extend beyond independent artists and enthusiast communities.”
The path to prosperity of Royal
Royal is one of a slew of innovative crypto-based music platforms attempting to disrupt the established music business. However, it is already distinguishing itself from the competition. This is because it has been successful in drawing huge artists and pushing them to monetize their music in other ways.
DJ Diplo is not the first prominent musician to use Royal’s platform to sell music NFTs. Nas, the legendary rapper, committed $55 million in the company’s Series A round in 2021. Additionally, he tokenized two songs on Royal. Royal has also collaborated with Ollie and Verite. All three collections sold out, creating a secondary trade volume of $1.2 million through OpenSea.