Royal: An NFT-like music platform that wins with fans ｜ Project Introduction

What do music creators mainly rely on to get paid? The answer lies in royalties. Royalties, also known as copyright royalties, are the monetary benefits that the creators or copyright holders of intellectual property receive from others who use their intellectual property. Music creators have created their own works and own the copyright of the work. If the audio platform, co-broadcasting platform or other music streaming services use the work, they need to give the creator a certain amount of royalties.

To elaborate, just like our commonly used NetEase Cloud or QQ Music bought the copyright of the creator's work and can play his work on the platform, and every time we click to listen to the song, we will bring Come to a certain amount of traffic, and these platforms need to pay the creators according to the traffic. The same is true for foreign music streaming services Spotify, Apple Music, etc. Spotify, the largest music streaming service in the world, pays an average of 0.3-0.5 cents per stream, and Apple Music pays a penny per stream. It may not seem like much, but Spotify has 165 million subscribers and 365 million total active users when you factor in how often songs are streamed and the number of users, and in Apple's June 2019 report, Music has more than 60 million subscribers , that is really a lot of money.

However, in the past, not all of these gains would go to music creators, because music creators usually sign agreements with record companies, so the profits harvested will not only go to creators, but also to Of the record labels, publishers, and other distributor groups, middlemen earn the lion's share of the revenue streams generate $19 million a day for the Big Three, according to the project's official account.

With the rapid growth of the music industry, the income of these creators has also increased, which mainly relies on the support of fans, but the fans of the creators have not received In terms of income, the project party hopes to change this situation through Royal, and encourage fans to gain both financially and emotionally. Team Royal wants to apply the ethos of web3 to change the music industry in a way that empowers artists and their fans.

Project introduction

Royal is an NFT-like music platform with three main features:

Musicians (creators) sell ownership

Creators can use the platform to sell Their songs, or rather, sell ownership of the fan experience.

Collector (Fan) Purchase Ownership

Fans can buy directly from their favorite creations or buy the rights to the song from there.

Win-win for both parties

Because the fans bought the song, they can buy the song from them earn royalties. At this time, when more and more fans support the creator, the creator will gradually grow, and the income of fans will also increase, so as to achieve a win-win result for both parties.

Whether it is a creator or a musician, this project prefers to call it an artist. For the convenience of everyone's understanding, we will describe it as an artist below.

This project provides a new business model. One is that this channel can help artists create and sell NFT, and the other is that fans of artists can invest in the works of artists through this platform. Users who invest in the works of artists not only obtain the ownership of their favorite songs and albums, but also royalties In return, it democratizes music ownership and subverts the traditional music business model.

Team and financing

The project was launched in May of this year by Justin Blau and JD Ross.

Justin Blau aka 3LAU is the CEO and co-founder of the project. An early crypto adopter and blockchain advocate, he got involved with NFTs in 2018.

In addition, he is also an electronic dance music artist and producer. Ranked 8th among creators of . In March 2021, 3LAU sold the world's first digitally tokenized album, generating a record $11.7 million in revenue, and its total NFT sales over the past year exceeded $20 million.

JD Ross is Co-Founder and President of Royal. Prior to that, JD co-founded Opendoor ($OPEN) and was a general partner at Atomic, a venture studio that co-founded startups including Hims & Hers, Bungalow, Butter, Homebound, Villa, OpenStore etc.

On August 26, Royal announced the completion of a $16 million seed round of financing led by Paradigm and top Silicon Valley investor Peter Thiel's Founders Fund.

On November 22, Royal once again announced that it has completed a financing of US$55 million, with participation from a16z, Coinbase Ventures and Paradigm, The Chainsmokers, Nas, Logic&Kygo, etc. Heavyweight institutions and many top European and American musicians have participated, and this fund will be used to invest in the development of its ecosystem.

Take the first step

Last month, 3LAU had its first try with an initial engagement on the Royal platform. 3LAU released 333 Limited Digital Assets (LDA) for his latest single "Worst Case", representing (Royal's NFT extended version), representing 50% ownership of the single on the streamer. The LDA here is the first product of the project, Royal LDA is an ERC-1155 token, and LDA stands for Limited Digital Asset. Some time ago, the song had an implied value of more than $6 million.

Its transaction volume on OpenSea currently exceeds 200 ETH, which shows how seriously the public market places music royalty ownership.

3LAU said the company is growing faster than expected, with more than 120,000 registrations since the announcement in late August. With 24,700 followers on Twitter, thousands of artists, from household names to up-and-coming artists, are currently working with Royal.

The project pointed out that in future plans, it will not stop at the music field, but also intends to try to touch these other vertical fields of digital media. The project is currently on the Ethereum mainnet, but it is said that it will develop in the direction of multi-chain in the future.  

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