What Royal is concerned with
NFTs to date have always been tied to visual elements: art, collectibles, gaming projects, etc.
Royal wants to deviate from this trend by creating an NFT platform related to the music world, specifically song and album royalties.
This is just one of the possible implementations of NFTs to the music industry, but it is the one that has caused the most stir. During 2021 there was a period when artists such as Grimes or Mike Shinoda began selling some songs as NFTs by giving fans the opportunity to own the token associated with the song.
However, this method created several problems related to the rights of ownership and intellectual property of the song itself.
Royal simply bypasses this method by creating a royalty system tied to the song’s NFTs. The artist decides how much to allocate to the owners and how much to keep for himself, keeping the intellectual property and commercial rights his own.
This gives rise to LDAs(Limited Digital Assets), which allow the artist to own a limited amount of the rights to the song so that he or she later receives a share of the profits based on the success of the song.
It is a kind of double profit split between the artist and the fans, both earning based on the success of the product.
In addition, the artist can add several more or less rare editions to offer more percentage of the royalties and exclusive content related to his or her musical journey.
The platform’s NFTs are created on the Polygon network and then also accessible on secondary resale platforms such as Opensea.
From Nas to Diplo
The platform’s first drop occurred on January 11, 2022, when Nas launched two singles that were part of his latest album.
Thanks to this collaboration, the platform became very successful, attracting the attention of other artists such as 3LAU, Vérité, Ollie, and Tritonal.
The latest drop was Diplo‘s, which also brought dance fans to approach this new tool for investing and supporting the genre.
Let’s take the latter as an example; Diplo with “Don’t forget my love” divided NFTs into 3 different tiers: Gold, Platinum and Diamond.
Each has a higher royalty rate and lower availability.
The lowest tier, gold, costs $99 and allows 0.004% royalties, for a total of 8% spread over all 2000 tokens. With the sum of the percentages of the other two tiers, Diplo allocated 20% of the total royalties to the fans.
Thanks to this drop, the platform has made waves and expects a big increase in collaborations with artists.
Summing up, Royal has not only revolutionized music NFTs, but also the music industry by giving third parties the opportunity to own song royalties for the first time.
Link: https://royal.io/