Royal’s marketplace has launched with music drops from Diplo, Nas and The Chainsmokers, and the company is now also working on developing a mobile app.
In the past few months, the world has witnessed some of the most exciting developments in the music industry. One such innovation is the launch of Royal, a marketplace that will help bring music NFTs to the masses. This is an important step because it makes it easier for people to access the music they like. The marketplace is also meant to help music creators earn royalties – hence the name Royal.
Licensing fees for artists
Although there are many NFT platforms out there, most of them are not specifically designed for music. However, Royal uses the Ethereum sidechain Polygon to create a marketplace where users can buy and sell music NFTs. The platform’s marketplace offers detailed statistics on each asset, including the song’s streaming data and earnings, as well as an automatic payment interface.
Royal Marketplace aggregates streaming data from Spotify, Apple Music, Tidal and SoundCloud Premium, as well as a few other services. Powered by the Ethereum sidechain Polygon, the site leverages the Polygon community to allow users to trade tokenized music rights without having to own the tokens themselves.
Bringing artists and their fans together
One of the leading names in music NFT is Royal, which has just launched a royalty marketplace. The platform aims to enable musicians and fans to connect on a more direct level. It pulls data from streaming services like Spotify and Apple Music and allows users to buy shares in songs from artists.
Royal is a startup founded by EDM DJ and music producer Justin “3LAU” Blau and homebuyer startup OpenDoor founder JD Ross. Their goal is to create an easy-to-use marketplace for music NFTs that is interesting to musicians and fans alike.
The platform allows artists to sell fractions of their songs to fans, which can be purchased at any price. For example, a small artist might get $10,000 for a single song, while Taylor Swift might… well, you get the point.
Own a piece of music
Royal is a marketplace for fractional music. It allows artists to sell their music to fans in a model similar to stocks. But it’s more than just a music rights platform.
It is also a platform for fans to invest in their favorite artists. The platform offers investors a range of ownership levels, from an EP to an album. Those who invest can expect to receive royalties if their favorite song is streamed.
It is not the first NFT marketplace, but the first for music rights. Royal has secured investments from Coinbase Ventures, Paradigm, a16z, Stefflon Don, Atomic and Joyner Lucas.
that’s how it works
Royal allows users to buy shares of a song based on its popularity. Users can then earn licensing fees through platforms such as Amazon, Spotify and Apple Music. Users can also earn royalties on-chain or off-chain.
Blau and Ross have created a music rights marketplace based on a new infrastructure to help artists monetize limited digital assets. Artists can also sell their royalties to fans through Royal. This way, fans can earn royalties along with the artists and fund future albums. Currently, musicians take home about 12% of the revenue pie. But more and more people are streaming music, which means more royalties for artists and more music for fans. A real win-win situation.
The platform’s listings include streaming dates from Apple Music, Prime Music and Spotify, along with payout estimates. Royal also offers users a mobile app.
Royal plans to offer exclusive benefits to fans and investors. Fans who purchase NFTs gain access to exclusive merchandise and promotions. Royal artists will also be able to earn royalties on platforms such as Spotify and Apple Music. Royal will also offer Masters admission rights in the future.
As the contagion and fallout from the FTX disaster spreads, it is encouraging to see legitimate use cases for blockchain and NFTs. Along with the rise of Bitcoin and Ether, this is good news for those who still believe in the technology that underpins the crypto market.
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Jay lives in Los Angeles, where he writes about blockchain and cryptocurrencies. He is also an avid investor and enjoys discussing with experts and learning more about cryptocurrencies.