The forthcoming blockchain-centric music financial product is available to be experimenting with various blockchain protocols.
Justin, also regarded as 3LAU, Which is an electronic music dance DJ and producer, has formally confirmed the existence of Royal, a blockchain-centric music investment tool.
According to Forbes, the portal raised $16m in a venture fundraising phase headed by digital currency-centric investment company Paradigm & Peter Thiel’s Founders Fund on 26th August.
Royal, developed by 3LAU with his university classmate JD Ross, is often a new system that aims to enable partial music licensing via Royal’s proprietary variant of NFTs, known as limited digital assets.
The company aims to democratize access to media copyright for music fans by enabling them not just to engage but also to hold ownership of their beloved albums and singles via special releases registered over a blockchain system. As per the site’s developers, this will enable fans to generate income along with their favorite musicians as their songs become more famous.
As per the article, JD Ross and 3LAU have yet to choose which blockchain system will serve as the foundation for the platform. According to the system’s officials, the platform is available to utilizing alternative blockchain technology.
Royal, as per Blau, would progressively roll out all the programs in testing over the upcoming few months, having restricted access, with just a complete rollout expected in the following eight months to 1 year. The firm has been in negotiations with many prominent musicians about bringing them onboard the site, but no names have been revealed thus far. In the near future, Royal would bill creators a modest fee, with the goal of eventually making the initiative totally publicly function.
3LAU indicated that the latest service would especially promote contemporary music initiatives by enabling supporters to participate in it, saying:
I often warn customers that the success of singers is entirely based on their followers and consumers, not so much on the businesses and broadcasters. If audiences like the tunes, they start sharing them, individuals participate in concerts, so they are completely responsible for generating a musician’s prominence.
3LAU had also surfaced as among the most vocal virtual currency supporters in the entertainment industry, naming BTC is of the very few hedges in opposition to a long traditional, glamorized financial system. The tokenized record Ultraviolet by 3LAU became one of the most valuable solo NFT tokens being sold in March. Numerous NFT sales have allegedly netted the musician more than $20m in the last year.
