Royal NFT Music Marketplace: The Ultimate Guide
Within the larger NFT ecosystem, NFT music has emerged as a popular niche. As artists and musicians embrace the Web3 world, demand for music NFTs is growing. Because of this, today, there is a range of music NFT marketplaces catering to this growing niche. One such platform is Royal Music Marketplace.
In this guide, we’ll tell you everything you need to know about the Royal NFT Music Marketplace. We’ll discuss what Royal Token is, how to buy NFT Music, and more. Let’s dive right in!
What is Royal NFT?
Royal is an on-chain NFT music platform that allows fans to buy music rights as NFT. Basically, the platform makes it easy for fans to invest in artists and earn royalties with them.
“Musicians use royalties to share a portion of streaming royalty rights with their fans and collectors, allowing them to co-own their songs or albums,” Royal notes on website. “Royal opens the door for artists to maintain freedom and creative control as fans fuel their careers.”
Who created the Royal Music Marketplace?
Royal Music Marketplace was founded in May 2021 by DJ Justin Blau (popularly known as 3LAU) and Opendoor co-founder JD Ross. In fact, 3LAU paid 333 NFTs representing 50% of his single ‘worst case’ streaming rights to Royal. Also, the platform is backed by a great line-up of investors. These include The Chainsmokers, Nas, Logic, Stefflon Don and Kygo, to name a few.
Late last year, Royal closed a $55M Series A round led by a16z. CAA and NEA’s Connect Ventures, Crush Music, Coinbase Ventures, Founders Fund and Paradigm also participated in the funding round.
How to Invest in Royal NFT Music
Simply put, Royal Issue Limited Digital Assets (LDA), is the marketplace’s version of NFTs. To invest in Royal NFT Music, all you need to do is buy LDA/NFT during a drop. The platform supports payments using both credit cards and crypto.
If you want to pay using crypto, you can use your existing crypto wallet. For now, Royal Music Marketplace supports MetaMask. However, if you don’t have a crypto wallet, Royal will create one for you upon purchase. That said, iIf you are unable to get LDA during the drop, you can also buy Royal NFT on secondary marketplaces like OpenSea or LooksRare.
What about Royal Token?
On the platform, artists decide what percentage of their NFT music royalties will be kept for sale. What’s more, they can add fan experiences, exclusive tracks, digital art and more to their music NFTs. Then, fans can buy streaming royalties as tokens directly from the artists.
Basically, each royalty token represents a percentage of the royalties from the streaming service. The specific percentage also depends on the level of tokens that a collector buys. The higher the level, the higher the royalties paid.
Each Royal Token also comes with a license for non-commercial use of the art associated with it as well as any utility that includes the artist. After purchasing a token, collectors can claim royalties upon their accumulation. Alternatively, fans can also sell tokens for profit.
Take for example Diplo, who dropped his song “Don’t Forget My Love” on Royal, which has 20% royalties at 3 levels of 2110 NFTs. Gold token owners get access to the Royal Collector Discord channel and 0.004% of streaming revenue. Diamond token holders, on the other hand, get access to a Diplo show, early access to future Diplo drops, an exclusive Diplo DJ mix, access to Discord, and 0.7% of streaming revenue.
NFT marketplaces could revolutionize music forever
To be sure, music NFT marketplaces like Royal are a game-changer. Music NFTs Makes it possible for artists to not only sell their singles and albums as NFTs, but merchandise, concert tickets, exclusive experiences and more. But why exactly is this important?
It’s no secret that artists, especially up-and-coming musicians, struggle to make ends meet by selling their music. To make things worse, they often have to go through middlemen like record labels that charge hefty fees to sell. In this scenario, NFTs are giving power back to artists. Thanks to NFT, artists can now sell music directly to their fans, while earning what they deserve.
As explained in 3LAU a Blog post, “As an independent artist for nearly a decade, I’ve seen all sides of the music industry fight an uphill battle against the inefficiencies of a legacy system. I…discovered that distributed laser technology may be the most promising solution to many of the problems of everyday musicians.”
Already, some big music stars have jumped on the NFT music bandwagon, thanks to dedicated NFT marketplaces like Royal, catalog, Async musicAnd One of the. The list includes Deadmau5, Grimes, Sia and Doja Cat. We can probably expect more to enter space in the near future.
All investment/financial opinions published by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any type of investment.
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