Music platform Royal plans to sell song rights as NFT

Royal Music Marketplace received funding from Founders Fund and Paradigm for its venture to sell song rights as NFT

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new venture in the music industry is using non-convertible tokens (NFTs) as a means to redistribute song rights. The Royal Music Marketplace will allow its users to purchase shares of songs through the marketplace. By doing this, they earn royalties

as their musical investments gain popularity.

Recently, the marketplace secured two new investors to support their NFT venture. The Founders Fund, backed by cryptocurrency enthusiast Peter Theil, and Paradigm, a longtime venture capital firm, announced their support for Royal.

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These two investment firms together are planning a $16 million seed funding round. Participation in the round includes Atomic

, one of whose partners helped negotiate the deal with Founders Fund.

Justin Blau, the EDM creator also known as 3LAU, and JD Ross of Opendoor founded music marketplace Royal in an effort to democratize music resources.

A true fan may want to own something much earlier than a speculator would even know about it.
-said Blau.

Democratizing access to asset classes is a huge part of the future of cryptocurrencies.

Blau, as a music artist himself, has personally felt the impact of NFT on the music industry. He said that when COVID killed touring, NFTs were a way to bring power back to artists. Earlier this year, the musician sold custom songs and artwork for about $11.7 million in cryptocurrencies.

As the NFT trend continues to be strong, the Royal music market is in a great position to make a move in the industry. While the auction is not currently available on the site, those interested in joining the Royal community can sign up for early access on the site.

NFT and the Music Industry

While tokenized items aren’t necessarily new, interest in them is on the rise. Especially when it comes to certain industries outside of the cryptocurrency space. One in particular is the music industry. The music industry

, which has been ravaged by the pandemic’s impact on live events, has seen a surge in interest in the NFT space.

Over the past year, the music industry has changed its world for good with NFT. Whether it be in terms of royalties, as in the case of Royal and another company called BAND, or new ways for artists to control their monetized commodity.

While many smaller companies have sprung up due to the rise of the NFT, other industry giants

have also stepped into the game. Recently, Sony Entertainment, along with Eminem and other industry stars, invested in the upcoming NFT market.

As NFT continues its expansion from a mere digital artwork to a more practical application, surely major industries will continue to adopt them.

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