The music NFT drops with Diplo, Nas, and The Chainsmokers have culminated in the launch of Royal’s marketplace, and the business is also building a mobile application.
In the past month, the globe has witnessed some of the most fascinating music business advancements. One of these improvements is the establishment of Royal, a marketplace that will facilitate the widespread distribution of music NFTs. This is an essential step because it will facilitate people’s access to their favorite music. Moreover, the marketplace is anticipated to assist music creators earn royalties, hence the name Royal.
While there are numerous NFT platforms available, the majority of them are not developed with music in mind. Royal, on the other hand, is utilizing the Ethereum sidechain Polygon to build a marketplace where users can purchase and sell music NFTs. The marketplace on the platform will provide precise details on each item, such as streaming data and revenue, as well as an automatic payment mechanism.
In addition to a few other services, the Royal market integrates streaming statistics from Spotify, Apple Music, Tidal, and SoundCloud Premium. The website is powered by Polygon, an Ethereum sidechain, and utilizes the Polygon community to enable users to trade tokenized music licenses without owning the tokens themselves.
Linking artists with their followers
Royal, one of the most prominent names in the music NFT industry, has now opened a marketplace for music royalty rights. The site is intended to facilitate more direct communication between performers and fans. It gathers information from streaming services such as Spotify and Apple Music and gives customers the option to buy shares in music from artists.
Royal was launched by EDM DJ and music producer Justin “3LAU” Blau and the founder of the home-buying business OpenDoor, JD Ross. Their objective is to develop a marketplace for music NFTs that is user-friendly and suitable for both musicians and listeners.
The platform enables musicians to sell fractional shares of their songs at any price to fans. For instance, a tiny musician might be able to earn $10,000 for a single song, but Taylor Swift might continue to generate, you get the idea.
Own a piece
Royal is a music fractionalization marketplace. It enables artists to sell their music to fans through a fractionalized ownership mechanism, comparable to stock shares. However, it is not merely a forum for music rights.
It also allows fans to invest in their favorite musicians. The platform provides investors with multiple ownership options, ranging from an EP to an album. Those who invest might anticipate royalties when their preferred song is streamed. Not the first NFT market, but the first for music rights. Coinbase Ventures, Paradigm, a16z, Stefflon Don, Atomic, and Joyner Lucas have invested in Royal.
How it operates
Royal permits users to purchase a song’s shares based on its popularity. Then, users can earn royalties on services such as Amazon, Spotify, and Apple Music. Additionally, users can earn royalties on-chain or off-chain.
Blau and Ross have developed a new infrastructure-based music rights marketplace that enables artists mint limited digital assets. Through Royal, artists may also sell their royalties to fans. This enables fans to co-earn royalties with artists and fund future record releases. Currently, musicians receive approximately 12 percent of total revenue. Nevertheless, more individuals are streaming music, resulting in increased royalties for artists and more music for fans. A great win-win situation.
In addition to compensation predictions, the platform’s listings feature streaming data from Apple Music, Prime Music, and Spotify. Royal also gives consumers a smartphone application.
Royal plans to offer exclusive perks to fans and investors. Fans with NFTs will have access to exclusive merchandise and incentives. Royal artists will be able to earn royalties on streaming services such as Spotify and Apple Music. Future offerings from Royal will also include master recording rights.
As the contagion and repercussions of the FTX debacle grow, it is encouraging to find viable use cases for blockchain and NFTs. This, combined with the resilience of bitcoin and ether, is fantastic news for those who still believe in the underlying technology of the cryptocurrency market.