American DJ and electronic dance music producer Justin Blau, also known as 3LAU, founded the blockchain music investment company Royal, powered by a $ 16 million seed round led by. was supported Cryptocurrency investment company Paradigm and Peter Thiels Start-up fund.
The Royal Blockchain Music NFT investment platform was founded by 3LAU and his university friend JD Ross. It aims to provide music-loving users and creators with unique proprietary token investment platforms while allowing music copyrights and signed digital asset records on a particular blockchain.
Clarifying that the launch of the music investment platform Royal is designed to give fans the opportunity to make money from their favorite artists, Blau said:
“I always tell people that the popularity of an artist depends entirely on the fans and the listeners, not the companies and distributors, the popularity of an artist. So why shouldn’t these participants take advantage of believing in someone early on? “
According to the Forbes report, the team has yet to determine which blockchain platform will be the base of the Royal platform, but said they will be rolling out a beta version of the platform in the next six months, and within eight Months to apply. The project would be run entirely by the community, the team added.
Through the new Royal project, Blau and his team hope to introduce symbolized ownership of the primary recording rights of songs and collect concert tickets and backstage passes through so-called “limited digital assets” (Royals version), special privileges including raw materials, non-fungible tokens (NFT).
The non-fungible token (NFT) method has changed the creator’s creation rules. In the future, the music will be able to face the audience directly without intermediaries and labels.
Although Blau believes the Royal platform has the potential to affect the entire record industry, he said he wouldn’t rule out the possibility of working with record labels like Sony and Universals in the future.
Image source: 3lau