Electronic dance music producer and DJ Justin Blau, better known by his stage name 3LAU, Has officially announced the launch of Royal, a blockchain-based music investment platform.
The announcement was made at the same time that the platform raised $16 million in seed rounds led by cryptocurrency-focused investment companies Paradigm and Peter Thiel’s Founders Fund, Forbes Report August 26.
Royal was founded by 3LAU and his university friend JD Ross. It is a new platform that aims to achieve partial music ownership through Royal’s own version of non-fungible tokens or NFTs (known as limited digital assets).
The joint venture aims to democratize the opportunity for music lovers to obtain music ownership, not only allowing them to invest, but also owning the rights to their favorite songs and albums through limited editions recorded on the blockchain network. According to the creators of the project, as their music becomes more and more popular, this will allow fans to make money with their favorite artists.
According to the report, 3LAU and JD Ross have not yet decided which blockchain platform will become the basis of the Royal platform. “Royal is open to the use of different blockchain technologies,” said a representative of the platform.
Blau said that Royal will gradually launch a beta version of the platform in the next six months, but with limited access rights, the goal is to fully launch it in the next eight months to a year. The startup is already in talks with several popular artists to bring them to the platform, and no names have been revealed yet. Royal will charge artists a small fee in the short term, hoping to eventually make the project “community run”.
3LAU pointed out that the new platform specifically intends to support early music projects by allowing fans to invest, noting that:
“I always tell people that the popularity of an artist depends entirely on fans and listeners, not the company and distributor. If fans like music, they will share it, they will go to the show, and they are responsible for increasing the artist’s popularity. Have full responsibility,”
3LAU has become one of the largest cryptocurrency advocates in the music industry, calling Bitcoin (Bitcoin) “One of the few hedges against the old, boring monetary system.” In March, 3LAU’s Tokenized Album Ultraviolet Become the most expensive single NFT token ever. According to reports, the artist has earned more than $20 million from several NFT auctions in the past year.