NFTs are poised to help transform the music industry, and the Royal platform aims to lead the way through its musician-centric approach. Many critics have speculated that the music space often benefits middlemen and lawyers at the expense of the artist; however, Royal allows musicians to raise money from their fans through NFT sales.
Royal is the brainchild of Justin Blau -- aka DJ 3lau -- and was launched this summer with 333 NFTs that represented 50% of streaming ownership in his new single. According to the brand, tokens in the song are now worth over $6 million.
"The value of music ownership is vastly misrepresented and undervalued today, but it won’t be for too much longer, as more musicians embrace the web3 ecosystem," Blau wrote in a recent blog post.
Celeb-Backed NFT Music Platforms
Royal Lets Artists Raise Money from Their Fans Through NFT Sales
Trend Themes
1. NFT Music Platforms - The emergence of NFT music platforms creates opportunities for the music industry to revolutionize the way artists earn royalties and engage with their fans.
2. Musician-centric Approach - Adopting a musician-centric approach, like Royal, can help to address the problem of artists not receiving their fair share of revenue in the music industry and create a more equitable landscape.
3. Web3 Ecosystem - As more musicians embrace the web3 ecosystem, there is an opportunity for disruptive innovation as the music industry shifts towards a more decentralized, transparent and secure model.
Industry Implications
1. Music - The music industry can leverage NFTs to help artists raise funds directly from fans, bypassing traditional middlemen and lawyers, and reinvent the way they earn royalties.
2. Blockchain - Blockchain technology has the potential to transform the music industry by offering a secure and transparent way to manage rights, royalties and ownership of music content.
3. Technology - The emergence of NFT music platforms and the web3 ecosystem signal the need for innovation in the technology industry to develop new solutions for managing and monetizing music content.