Electronic dance music producer and DJ Justin Blau, better known by his stage name 3LAU, has officially announced the launch of a blockchain-based music investment platform Royal. Blockchain-based music investment platform Royal, co-founded by Justin Blau, aka musician and producer 3LAU, has closed a $55 million Series A round.
The round was led by Andreessen Horowitz (a16z) with additional investment from CAA and NEA’s Connect Ventures, Crush Music, Coinbase Ventures, Founders Fund and Paradigm to build the future of music ownership on-chain. The company has also attracted new investment from artists such as The Chainsmokers, Nas, Logic, Stefflon Don, Kygo, Joyner Lucas and Disclosure.
To date, 3LAU has sold over $20 million in primary sales from his NFT releases across his 3LAU, and SSX3LAU releases. Last month, Royal claims to have “proved its concept in its initial interaction on the platform” after 3LAU gave away 333 limited digital assets (Royal’s extended version of an NFT) representing 50% streaming ownership in his latest single, Worst Case.
According to Royal, within the first two weeks, the song has reached “an implied value” of over $6 million with fans holding half of the value. Additionally, the tokens have traded over $650,000 in secondary market volume, which Royal says, shows “how an open market values ownership in music royalties”.
#STW analysis is that this is potentially great for artists becuse it allows the artist to SET THE value what half of their streaming income will be. It's not like artists do not deserve it. We know that streaming does not pay what it should so if our fans want to own a piece of what we write then everyone gets what they want.
Want to release NFTs and invest in other Artist NFT's? Connect with Royal. All info on Free, Tier 1 and Full Versions of STW. Under OTHER WAYS TO MAKE MONEY.
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