The platform is open to use multiple blockchain tools and is intending for segmented music ownership through Royal’s version of NFTs.
DJ Justin Blau, popularly known by his stage name 3LAU, has announced a new blockchain-based venture. The DJ has introduced a new blockchain-based music investment platform called Royal. This new platform encourages the concept of partial ownership where customers can own rights to their favorite songs and albums by accessing limited editions documented on a blockchain network.
The albums can be purchased via accessing Royal’s independent form of non -fungible tokens or NFTs commonly known as limited digital assets.
3LAU Launches Royal Platform Based on Blockchain Technology
The EDM producer in collaboration with his friend JD Ross has created a new music investment platform called Royal which is based on the emerging blockchain technology. The concept intends to highlight the use of segmented ownership where music enthusiasts across the world can purchase rights to their favorite songs and albums (limited editions) which are recorded on a blockchain network.
The platform will also allow its consumers to invest via its domain. According to the creators, Royal possesses this unique idea that will permit users to make extra money and derive revenue alongside their favorite music artists. As the songs and music albums grow more famous with time, the users who have purchased the rights of that particular song will also make money through the same.
According to Forbes, Royal was a part of a seed funding round headed by crypto-based investment firm Paradigm and Peter Thiel’s Founders and has managed to successfully raise $16Million.
3LAU and JD Ross are still contemplating which blockchain network the platform is going to function with. The platform’s representatives on the other hand have clarified that they are willing to experiment using multiple blockchain technologies. Blau has also confirmed that the beta version of Royal is said to roll out in the next six months. The version’s access will be limited accompanied by a full launch which is scheduled to be held in the next eight to ten months.
Royal has decided to ultimately charge a nominal fee to onboard the artists and is expecting to turn the platform entirely on the principle of “community-run” in the future. The platform has also started to look for potential artists who will get on board with them. However, the representatives have not yet revealed any significant names that will be associated with the venture.
There has been an outpouring of tremendous support and encouragement from various music industry artists who have actively propagated the widespread benefits of using cryptocurrencies and NFT to earn massive revenues. Artists like Grimes, Deadmau5, Kings of Leon are a few famous names that have made use of NFTs and are now deriving a sizable revenue through increased sales volumes and profitability.