cryptoknowmics.com
Royal is popularly known as a marketplace for music NFTs where users can purchase shares of songs and can earn royalties on the music they have invested.
Fans can now buy music rights through the non-fungible tokens or the NFTs through Royal. It was announced on Nov 23 by the co-founder's entrepreneur JD Ross and DJ Justin Blau, going by the name of 3LAU, that they had closed about $55 million Series A funding that followed the $16 million seed round held in August.
A Benchmark of Investment by NFT Music Royal Marketplace at $55
The round was led by the famous venture capital firm Andreessen Horowitz or a 16z. The General Partner at a 16z tweeted about the investment of the firm in the possibility of the Royal in terms of transforming this music industry.
It was through the CAA and NEA's Connect Ventures, Crush Music, Founders Fund, and paradigm, Coinbase Ventures, is from whom additional investments came about. The project was backed by prominent celebrities along with global artists, including Nas, Logic, Kygo, Chainsmokers, Joyner Lucas, Disclosure, and even Stefflon Don. The funds will be used by Royals for scaling their team in terms of investing in the growth of the artists signed up to this platform.
Royalties on the Other Apps
Blau gave away about 50% of the streaming rights to his song the Worst Case to about 333 fans the previous month. Whenever the song is streamed on the Music apps, the fans get a cut of the royalties through NFTs. The tokens traded, moreover to about $600,000 in the secondary market volume in only the first two weeks, with the song reaching an implied value of over $6 million with fans having a hold over half of the value.
As more and more musicians are embracing the Web3 ecosystem and simultaneously empowering their fanbase while funding their careers, this could all change here. The upcoming sale of Royal will go live within the coming weeks.