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Will there be record labels and streaming services in the future? According to The New York Times, artists have complained about payment systems on streaming services such as Spotify and Apple Music. However, what if artists could profit directly from their fans?
NFT music Royal platform attracts a lot of attention
Two weeks ago, artist investment platform Royal closed its 55 million funding series. Venture capital Coinbase Ventures and artists such as The Chainsmokers, Kygo, and Disclosurel have been associated with her.
Royal is an NFT music platform founded by Justin Blau, aka 3LAU, and JD Ross, co-founder of Opendoor, where artists give their fans direct ownership of their songs and the ability to earn royalties, so if the artist is doing well, the fan is doing well. it is an equal distribution of benefits, says the Royal website.
Electronic DJ and company founder Justin Blau said:
“A true fanatic may want to own something much sooner than a speculator knows about it. Democratizing access to asset classes is a huge part of the future of cryptocurrencies.”
Its latest release song is called “WAVEFORM”, which gives its owner 100% rights, and it is open for trading right now until December 7 at 6:05 pm CET, according to Royal’s official OpenSea account.
Royal’s first NFT drop was called the “Worst Case”, which transferred 50% of ownership to its fans through 333 tokens, and was launched last October.
Other well-known blockchain-based music platforms like Opulous and Audius have also grown in recent months.
A new era in music concerts
The traditional way of attending a concert or festival is changing. Last October, we witnessed the first two festivals held in the metaverse. Decentraland hosted its first Metaverse Festival, featuring leading DJs and producers such as Deadmau5 and 3LAU.
Roblox organized the Insomniac World Party and brought Electric Daisy Carnival to the metaverse with artists such as Kaskade, Zedd, Kygo, Alan Walker.
The acceptance of NFT in the music industry is growing every day. Reach is from NFT music platforms and festivals in the metaverse. It won’t be surprising if in the future music concerts or other events like Coachella release tickets in NFT form.
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