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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, music NFTs are increasingly in demand. For this reason, today there are a number of music NFT marketplaces that cater to this growing niche. One such platform is the Royal Music Marketplace.
In this guide, we will tell you everything you need to know about the Royal NFT music market. We will also discuss what are royal tokens, 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 purchase music rights as NFTs. Essentially, the platform makes it easier for fans to invest in artists and earn royalties alongside them.
“Musicians use Royal to share a portion of their streaming royalty rights with their fans and collectors, allowing them to co-own the song or album,” notes Royal on its website. “Royal opens the door for artists to retain independence and creative control while fans fuel their careers.”
Who created the Royal Music Marketplace?
DJ Justin Blau (popularly known as 3LAU) and Opendoor co-founder JD Ross founded the Royal music marketplace in May 2021. In fact, 3LAU gave away 333 NFTs representing 50% streaming rights to his single ‘Worst Case’ on Royal. What’s more, the platform is backed by a fantastic range of investors. This includes The Chainsmokers, Nas, Logic, Stefflon Don and Kygo, to name a few.
Late last year, Royal closed a $55 million 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 issues Limited Digital Assets (LDAs), 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 with both credit cards and crypto.
If you want to pay with crypto, you can use your existing crypto wallet. Currently, Royal Music Marketplace supports MetaMask. But if you don’t have a crypto wallet, Royal will create one for you at the time of purchase. Having said that, IIf you are unable to get LDA during a crash, you can also buy Royal NFTs on secondary marketplaces like OpenSea or LooksRare.
What about The Royal Token?
On the platform, artists decide what % of NFT’s music royalties will be put up for sale. Also, they can add fan experiences, special tracks, digital art and more to their NFT music. Fans can then purchase live streaming royalties from artists as tokens.
Basically, each Royal token represents a percentage of royalties from streaming services. The specific percentage also depends on the level of the token a collector buys. The higher the level, the higher the royalty payout.
Each royal token also comes with a license for non-commercial use of the art associated with it, as well as any tools the artist has included. After purchasing a token, collectors can claim royalties after they have accrued. Alternatively, fans can also sell tokens for profit.
Take Diplo, for example, who dropped the song “Don’t Forget My Love” on Royal, with 2110 NFTs in 3 tiers holding 20% of the royalties. The Gold token holders got access to the Royal collector Discord channel and 0.004% of the streaming revenue. On the other hand, Diamond token holders got 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 enable artists to not only sell their singles and albums as NFTs, but also sell merch, concert tickets, exclusive experiences and much more. But why 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 matters worse, they often have to go through middlemen such as record companies who demand large sums of money to make a sale. In these circumstances, NFTs give the power back to the artists. Thanks to NFTs, artists can now sell music directly to their fans, while earning what they deserve.
As 3LAU explained in a blog posts, “As an independent artist for nearly a decade, I’ve seen all sides of the music industry struggle uphill against the inefficiencies of a legacy system. I have … discovered that distributed ledger technology may be the most promising solution to many of the problems musicians experience on a daily basis.”
Already, some of the biggest music stars have jumped on the NFT music bandwagon, thanks to dedicated NFT marketplaces such as Royal, Catalog, Asynchronous musicand One of. The list includes deadmau5, Grimes, Sia and Doja Cat. We can probably expect more to roam the space in the near future.
