Hip-Hop Legend and feasible GOAT Nas offered the rights to 2 of his tunes through a new crypto music platform called Royal.
The rapper Nas sold two tunes as an NFT; let’s dive into what this indicates for music rights and cryptos.
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Royal And Nas: A Silent Duo…
… Royal is a market for music NFTs, marketing it’s platform as a location where users can purchase shares of tunes, and then make royalties on the music they’ve bought. This month, the songs dropped and took the web by storm; Royal announced that it will offer extended versions of NFTs called restricted digital assets that include streaming royalty rights to 2 of Nas’ tracks, “Ultra Black” and “Rare.”, with a restricted quantity of tokens offered for sale. In total, 50 percent of Nas’ streaming rights for each song will be up for grabs.
‘‘ “Having Nas be the first artist to sell royalty rights through Royal is an incredible affirmation of our objective,” explained Royal CEO, co-founder, and prominent electronic artist Justin “3LAU” Blau. “It’s proof that artists across categories feel highly about equalizing ownership of their music, which they wish to be linked to their listeners on a deeper level.”
Nas spoke on the collaboration also, saying, “I am constantly trying to find new and unique ways to get in touch with the people. So I am thrilled to partner with Royal on their new venture in order for the world to connect with my music in a brand-new way.”
Platform Shutdown: The Block is Hot…
… Nas and Royal shut the web down within minutes of the drop, as it triggered big hold-ups and servers to crash on the platform. Nas spoke on Twitter after the drop was complete earlier this week, describing his enjoyment and thankfulness towards the collaboration and to his fans. Royal also made a statement by means of Twitter:
“That’s a wrap! Congrats to everybody who scored a ‘‘ Rare’ token. We’re grateful for the assistance on this journey to bring music ownership to the world.”
For the Nas music NFT drop, Nas keeps 50% of the royalties for every NFT sale. Those who buy one of the 500 Gold tokens will get 7% from royalties on every resale, with the 250 Platinum token holders and 10 Diamond holders each earning 21% from royalties.
Matic: The Polygon blockchain (MATIC) is used on the Royal platform.|Matic/USD In November
, Royal received $55 million in Series A financing led by venture capital company a16z. The platform aims to provide music artists a way to maintain and share ownership over their deal with fans through NFTs. This drop is amazing for the potential for emerging artists and Royal, as it shows what music and the blockchain can do when paired with intent.
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