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Top 10 Things You Should Consider Before Taking a Personal Loan

By
PVP Team
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Is there a medical emergency in the family for which money is needed? Does your high-cost loan or major part of it need to be paid off immediately? Does your child’s education need funds? Under such circumstances, a personal loan becomes a handy option to cover the cash requirements. It is an instant and convenient way to access funds. However, one must stay cautious while availing of a personal loan because of the high-interest rates at which the loans are offered to offset the associated lending risks.

What is a Personal Loan?

A personal loan is different from a home loan or car loan so that the bank does not insist on collateral. This one falls under the category of unsecured loan in which the risk is higher as the bank has no other way to resort except legal process. Hence, these loans are given at higher interest rates than the loans backed by collateral.

Here is the list of top 10 things that you should consider before taking a personal loan:

Overall Finances

Personal loans seem to be a quick fix for all the urgent money requirements, but the interest rates are higher, and the repayment tenures are short. Therefore, the monthly repayment is large. While applying for a personal loan, you should contemplate the ongoing loans, monthly payments, and the monthly financial situation if it is sound enough to meet the repayment obligations.

How Much Should You Borrow?

The minimum and maximum borrowing limits for personal loans set by the lenders and the amount of personal loan depends upon the person’s creditworthiness. While applying for a personal loan, you must ask yourself about the actual amount you need and for which purpose. It is not a good idea to take a personal loan for luxuries like vacations or to buy something expensive. Getting a high-interest savings account would be the best option for such objectives. However, a personal loan is a favorable option in case of heavy debt or unexpected higher expenses.

Make sure the amount you apply for in a personal loan should be restricted to the actual need because borrowing more money than needed makes the loan more costly over time. Read a thorough review of Apply Credit9 before applying for personal loan.

Consider the Interest Rate on the Loan

Apart from other factors, the interest rate is also a crucial factor that can impact a person’s decision to borrow money via a personal loan. The interest rate can be perceived as an expense for borrowing money from the lender. The amount of money to be paid as interest is merged with the monthly repayment amount. That is why it is important to know about the interest rate and how it affects the overall cost of a loan, and this should be done before signing the paperwork.

Consider the Proceeding of Loan Repayment

The monthly repayment plan of a personal loan impacts the day-to-day finances. It is set according to the amount of the loan, interest rate, and term of the loan. You must know the monthly due date and make sure that it gets paid before the due date; otherwise, the interest gets increased, and it becomes difficult to pay a large amount. Some lenders also charge penalties for early payoff. That’s why you should inquire about the details prior to signing for the loan otherwise, these penalties and interest rates become heavy on the pocket.

Consider the Term of the Loan

Considering the term or duration of monthly repayment of the loan is very important. It enables you to figure out if the loan is workable for you in the long run or not.

If you can manage to pay a larger monthly payment, then you can opt for a loan with a shorter term. On the contrary, getting a personal loan with a longer duration allows you to pay smaller and more affordable monthly repayments.

The Credibility of Lender

While applying for a personal loan, one must inquire about the credibility of the banking institution from which the loan is supposed to be taken. The authentic and renowned lenders like snowbikefestival.com work under the government’s regulations and provide banking products that meet the highest quality standards.

Not all lenders consider your financial security. There are a few warning signs of predatory lenders that a person must watch out for during the process of a personal loan:

  • No credit check loans
  • Unclear fees and hidden costs
  • High-pressure sign-up process

Signs that you are getting trapped by predatory lenders include pressurization for the loan application, unrealistic promises, and secret loan fees. You might get into serious financial trouble if you acquire a personal loan from shady banking institutions.

Does the Loan Require a Cosigner

Some lenders facilitate the option of cosigner and co-applicants on loan. However, both cosigners and co-applicants are different things. A cosigner is a person who’s held accountable for repayment when the person responsible for paying fails to do so. Whereas, in the case of co-applicants, both the loan and its repayments are shared mutually, and both of the applicants are responsible for paying off the loan.

Loan Fees

Apart from the loan interest, some lenders charge loan origination fees, which is a percentage of the loan amount. Some banks use the term of closing costs for such loans. So, along with other factors, loan fees should also be considered.

The Mode of Payment

The amount of personal loans is usually transferred into the checking account. But, if the loan is taken for debt consolidation, some lenders transfer the funds directly into the creditors’ account.

Credit Score

Knowledge of credit score is important while applying for a personal loan. You can easily check your credit score by using some of the best credit monitoring services like Aura, a cybersecurity company founded by Hari Ravichandran. Mostly, lenders give priority to applicants having a good credit score. However, in the case of existing terms with a bank, loans get approved based on the history of paying bills and meeting the terms of past loans.

Bottom Line

Personal loans are a great substitute for 0% APR credit cards but are only advantageous when there’s a sound plan.

2022 Texas Gubernatorial Election Candidates Propose Bitcoin Adoption In Platforms

By
Christian Allen Tandoc
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0
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The 2022 Texas governor elections have turned into a fight between numerous contenders pledging Bitcoin (BTC) adoption. Republicans Don Huffines, Allen West, and current governor Greg Abbott have all stepped forwards to give voters plans such as making Bitcoin legal tender, employing Bitcoin mining to bolster the electrical system, leading the globe in leveraging Bitcoin infrastructure, and more.

The Guarantees

Following Arizona’s major news about the introduction of a law to make Bitcoin legal tender, Texas governor contenders aren’t far behind.

Since crypto miners from China and Kazakhstan were enticed to the ‘Lone Star State’ when their operations were outlawed or prohibited in these countries, Texas has been highly interested in becoming the capital of crypto mining.

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Concerns have been raised about the energy consumption of crypto mining activity in Texas, but the state’s current governor, Greg Abbott, has defended the operations, claiming that “the miners’ computer arrays would demand so much electricity that someone would come along and build more power plants, something Texas desperately needs.”

Abbot has also claimed that during times of necessity, like as winter storms, miners may voluntarily shut down operations in order to conserve electricity for homes and businesses.

Aside from attempting to make Texas the primary destination for crypto miners, the governor, and Republican lawmakers have made several efforts to develop the crypto-related industry and adoption in the state through anti-regulatory legislation.

Governor Abbott signed the “Texas Virtual Currency Bill” (TVCB) into law on June 15, 2021, which according to Freeman Law:

“(1) recognizes the legal status of virtual currency, (2) regulates cryptocurrency under the commercial laws of Texas, and (3) provides cryptocurrency holders with legal rights. Therefore, the TVCA makes cryptocurrency safer for investors by legally recognizing virtual currency, subjecting cryptocurrency firms to commercial regulations, and by supplying token investors with legal rights to their investments.”

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On the candidate’s side, Don Huffines recently stated that he believes in BTC “in both its value as an asset and potential as a currency,” adding that Texas must assume the lead role in America’s digital coin legislation and cryptocurrency adoption. He claims to be dedicated to transforming Texas into a “Citadel for Bitcoin” and safeguarding the business “against the federal government.”

Huffines’ Bitcoin policy plan claims that if elected, he will make bitcoin legal tender in Texas, work on a more robust and reliable energy grid, prohibit localities from regulating BTC miners and holders, protect Texas-based Bitcoin and crypto owners and miners from federal regulations, and make other appealing promises that the candidate fails to explain how he would achieve.

Then, candidate Allen West issued a statement in which he stated that if elected, he will “continue to safeguard its residents’ ability to own, employ, and exploit blockchain technologies through the ownership of Bitcoin and other cryptocurrencies.”

He believes that with the introduction of cryptocurrency, Texas will see the greatest rush of creativity since the oil boom. West is the third candidate to endorse the notion that “Texas will lead the world in utilising Bitcoin,” and that NFTs “will also transform trade.”

“Utilizing blockchain, Bitcoin has become the “gold standard” of digital currency and removed the traditional boundaries created by banking regulations that require countless unnecessary human interactions. […] The result has been massive wealth creation and the beginning of an enormous job creation wave because of this technology.”

Aside from Bitcoin

It is also critical to understand what additional policies these three lone stars have incorporated in their proposals. They cover very similar subjects in very similar presentations.

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All three are anti-abortion, anti-vaccine, and believe that “it is time for Texas to step up, stop the invasion, and defend [its] residents,” referring to building the wall, “securing” the border, and so on.

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The Huffines plan also includes regulations to discourage Chinese people from enrolling in Texas schools and institutions in order to recognise China as “America’s top geopolitical danger.” It’s unclear whether it’s acceptable for Chinese residents to continue crypto mining in the state.

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Overall, they guarantee a state with a high level of freedom for all citizens. No, only the individuals these candidates like. Women, not so. Not all [or even most] immigrants.

For The First Time In Five Years, Bitcoin Stolen From Bitfinex Hack Moved

By
Christian Allen Tandoc
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0
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When the Bitfinex hack occurred, it was one of the most widely publicized hacks. Bitcoin was still in its early stages at the time, and even years later, it was still hurting from the Mt Gox shutdown. When the incident occurred, the attackers had successfully stolen 119,756 BTC. Over time, they had gradually moved out of the hoard, but the biggest transfer came later when the hackers moved $3.8 billion in bitcoin.

Hackers Transfer 10,000 BTC

Bitfinex hackers transferred 10,000 BTC from a cache that has been there since 2016. There have been earlier transfers of BTC from wallets, but this is the largest in terms of dollar value that has left the account.

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Whale Alert, a bot that watches blockchain transactions and alerts users when massive transactions occur, noted this shift. The entire worth of the bitcoin moved by the Bitfinex attackers totaled over $4 billion.

The remaining bitcoins are still in the wallet to which they were moved following the breach. Although the wallet is essentially ‘marked,’ innovations in the space could ultimately let the hackers ‘clean’ the stolen BTC and be able to spend it without fear of being traced.

Recently, hackers have been exploiting services such as Tornado Cash to dispose of ‘dirty’ cryptocurrency stolen from crypto projects. Because it is still an unknown wallet, it is unclear where the Bitfinex hackers are sending the BTC.

Is the Bitcoin price about to plummet?

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Bitcoin’s price has increased dramatically since its low in 2016. Around the time of the Bitfinex hack, the price of Bitcoin was still under $300. A single bitcoin is now worth $38,000, significantly increasing the value of the stolen bitcoin.

The digital asset’s price, which peaked at $69,000, has aided the value of the BTC. However, the hackers continue to keep the majority of the bitcoin in the wallet, probably because they are unable to spend it.

It is believed that if the attackers are able to dump all of their bitcoin on the market, it will have a negative impact on the price direction of the cryptocurrency. With Mt Gox compensations on the horizon, as well as Fed decisions, BTC and the crypto market could be in for more losses. But, for the time being, the price of bitcoin remains stable at $38,300.

Terra is regaining ground, with a 10% gain in the last 24 hours.

By
Christian Allen Tandoc
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0
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Terra’s price has been turbulent in recent days, despite the broader market gradually regaining strength. The coin has dropped about 30% in the last week.

LUNA was $50.72 at the time of publication. LUNA attempted to trade above the $52 barrier earlier yesterday. The worldwide cryptocurrency market worth was $1.83 trillion, up 1.6 percent in the last 24 hours.

Terra’s trading volume had likewise increased by 75% at the time of publication. This increase in trade volume could be attributed to a comeback of buying power in the market.

The coin’s resistance level was $60.10. The fiasco at Wonderland Project may have influenced Terra’s sudden price sentiment. The Terra network is used to connect to Abracadabra. Danielle Sestagalli, who previously co-founded Wonderland, co-founded Abracadabra.

After it was found that Michael Partyn was in charge of Wonderland’s treasury, LUNA’s prices began their southern voyage.

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LUNA’s prices were 69 percent lower than their all-time high. Terra’s local support level for the awaiting coin is $43.60. LUNA was last trading at this level in November. LUNA’s prices had not gone below $50 since the coin deemed the level, as mentioned earlier, to be a strong support level.

FThemarket’s buying strength has been in the negative zone. For about a week, Based on the technical indicators, it is difficult to predict whether LUNA will keep a similar price action in the coming trading sessions.

Terra was trading in the opposite direction of its market trend throughout the previous week. After trading in a declining channel, Terra managed to break out on the upside.

As soon as that happened, the chart began to show recovery. As previously said, the coin’s support level was at $43.60, a level it last traded close in November. Terra has two resistance levels: $60.10 and $68.15.

The Relative Strength Index is in charge of reflecting market buying strength and pressure. The RSI has remained below the zero-line for the previous week, indicating that the sell-off has continued.

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The indicator also fell below the 25-point line, indicating that the market was oversold. Although Terra rocketed up its chart, the RSI rose up in anticipation of a revival in buying strength; however, a tiny downtick was also observed on the indicator at the time of publication.

On the whole Volume increased, indicating that input volume has also begun to increase. As a result, this signal suggested that prices will rise. The Awesome Oscillator indicated the market strength.

Although the indicator was emitting green signal bars when prices rebound, the green signal bars were visible below the half-life.

If green signal bars continue below the half-line, it is too early to predict if prices will turn bullish. The slight downtick in the Relative Strength Index already pointed to the prospect of declining purchasing pressure.

Warner Music Group and Green Web3 Company ‘OneOf’ Announce Partnership

By
Aletheia
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0
vinyl record wall decor

Green Web3 company OneOf has announced its partnership with Warner Music Group (WMG), which is the first of its kind. With this newfound collaboration, the music-focused company can begin creating exclusive and one-of-a-kind NFTs for the various artists in WMG’s catalog. What makes OneOf stand out from the other NFT platforms is that the non-fungible tokens it mints are 2M times more energy-efficient than its competitors.

What’s more, the green NFT company focuses explicitly on creating NFTs dedicated to the music community, offering a wide range of NFTs from music royalties, collectible and generative PFPs, IRL experiences, and more.

Warner Music Group’s Chief Digital Officier, Oana Ruxandra, said the following:

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On the other hand, OneOf CEO Lin Dai said:

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person holding vinyl records

The Warner Music Group has a legacy that dates back more than 200 years. As such, it now houses an incredible set of fantastic artists, brands, songwriters, and the like. WMG hosts renowned labels like Parlophone, Atlantic, Elektra, and Warner Records and is home to big names like Lizzo, Ed Sheeran, and Dua Lipa.

On the other hand, OneOf was only announced back in May 2021, yet it has already given a name for itself as the go-to platform for the music community. Backed by none other than Quincy Jones, the platform offers notable solutions for both fans and artists who are more than willing to dive into the world of NFTs without worrying about expensive minting costs.

Aside from WMG, OneOf also recently announced several other partnerships, including the GRAMMY Awards, MusiCares, and iHeartRadio.

Brokerage Giant Fidelity Sees Bitcoin as a “Superior Form of Money”

By
Aletheia
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0

Multinational brokerage giant Fidelity recently published a paper entitled Bitcoin First, discussing the flagship asset Bitcoin (BTC). Based on what’s written there, it appears that the financial services provider wants Bitcoin not to be grouped with the other digital assets.

Fidelity argues that BTC is different from the countless other assets on the crypto market, and it’s improbable that another digital asset will surpass it as the top cryptocurrency. The paper described Bitcoin as a superior form of money instead of just a piece of technology. Fidelity considers it as the most “secure, decentralized form of asset and any “improvement” will necessarily face tradeoffs.”

A section of the paper reads as follows:

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Fidelity believes that Bitcoin has all the characteristics needed to be considered a sound form of money, mainly because no organization runs the asset and doesn’t have cash flows or pay dividends. Bitcoin’s decentralized nature only makes it an even more ideal monetary tool.

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Kaufdex (CC0), Pixabay

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Fidelity considers BTC a gateway for traditional investors to enter the digital asset market seamlessly. With that in mind, the global financial service provider proposed that investors practice two separate frameworks when investing in digital assets. One framework should focus on Bitcoin, while the second should focus on the other assets.

Bitcoin’s pseudonymous creator Satoshi Nakamoto fully intended BTC to be a sound form of money. Moreover, Bitcoin supports have advocated for this same argument for about a decade now. However, having a global financial service provider like Fidelity consider BTC to be more superior could lead to greater adoption in the future.

P2E Gaming Guild Yield Guild Games Raised $1.45M for Typhoon Odette Victims in the Philippines

By
Aletheia
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0
woman in white t-shirt and blue denim jeans sitting on brown cardboard box

Play-to-Earn gaming guild Yield Guild Games (YGG) has raised funds to help the Philippine victims of Typhoon Odette, which hit the country in December. The guild raised a whopping $1.45 million for the relief operation, with almost $1 million already disseminated to the victims in need.

The money was used to buy the essentials and necessities, such as power generators, canned food, and medicines. The guild then gave the goods to the Philippine Army, Navy, and non-profit organizations to distribute them to the affected communities. At this time, there are still some crypto tokens left that have been donated to the cause, amounting to $458,000. However, they have yet to convert the amount to fiat currency, as stated by a YGG representative.

YGG Pilipinas, the Filipino division of the gaming guild, announced the relief operation after the super typhoon caused havoc in the country. They quickly raised $110,000 for the operation after a day, receiving a mixture of different tokens, including USDC, SLP, ETH, AXS, and WETH.

https://twitter.com/YGGPilipinas/status/1488062174933430276?s=20&t=3ZQS3DOggjz87d0o3mCVvg

The relief operation was led by Luis Buenaventura, the country manager of YGG Pilipinas. Speaking with Cointelegraph, he explained that the Philippines holds the most YGG members, so Typhoon Odette hit quite close to home.

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Buenaventura says they consider their community “as important to us as our core team.” Many members in that community either had to flee from their homes or have been living without water or electricity for over a month. Even YGG staff members were also affected by the typhoon.

Aside from the YGG community, many other communities in the Web3 space also participated in the initiative. Jeffrey “Jihoz” Zirlin, the co-founder of NFT P2E Axie Infinity, also donated a total of 1,000 AXS ($55,400).

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Gabby Dizon, the co-founder of YGG, said their initiative shows how united and powerful the Web3 gaming community is. “This is our testimony that we are more than just a community of gamers.” On the other hand, DeFi Kingdoms (DFK) players also unanimously decided to donate $500,000 to the relief operation. At the same time, the play-to-earn game’s dev team also added an extra $250,000 to the donation.

New survey shows bitcoin now on top of the list of retirement investment options

By
Christian Allen Tandoc
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0
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According to a survey performed by the investment firm Capitalize, Bitcoin and cryptocurrencies are becoming more popular as retirement investing possibilities. Digital assets, once associated with speculation and gambling, have gained prominence as one of the finest ways to secure people’s futures.

In the United States, the firm questioned 821 employees and 203 financial specialists. Their goal was to investigate the emotion surrounding the addition of Bitcoin and cryptocurrencies to retirement portfolios, as well as to find the optimal moment to purchase these digital assets.

In this regard, the survey revealed that people’s attitudes towards cryptocurrencies have improved over the last ten years. Despite their volatility, more than 60% of respondents say these digital assets are “a strong retirement investing alternative.”

As seen in the graph below, younger generations are more hopeful about Bitcoin and cryptocurrencies as retirement investing possibilities. 78.2 percent of “Gen Z” respondents and 60.4 percent of “Millennials” are bullish on digital assets, compared to 50.3 percent of “Baby Boomers.”

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Nonetheless, the majority of respondents (57%) saw cryptocurrency as a “volatile investment instrument” with risk (45 percent ). Respondents also link digital assets with potential (54.4 percent), overhyped (45.3 percent), and utility (37.4 percent) investment, as shown below.

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Furthermore, according to the survey, Bitcoin and other cryptocurrencies dominate the investment retirement industry, with 76.5 percent of respondents indicating that they are part of their portfolio. Non-fungible tokens (NFTs) and Dogecoin (DOGE)/memecoins, on the other hand, are gaining traction, with 35.8 percent and 19.3 percent of respondents, respectively, stating they will hold it till retirement. Capitalize has been added:

(…) The majority of survey respondents who invested in digital assets did so for the long run. More over three-quarters said they bought cryptocurrency to hold until retirement.

According to additional Capitalize data, 3 in 5 respondents feel Bitcoin and cryptocurrencies should be included in employer-sponsored retirement plans. As a result, crypto aficionados may be drawn to a corporation.

Employees with crypto assets may be among the most hopeful since they plan to retire 8 to 13 years earlier than those with no crypto exposure. NFT holders believe they will retire at the age of 52, whereas memecoin holders believe they will retire at the age of 54, and Bitcoin holders believe they will retire at the age of 57, compared to non-crypto investors who believe they will retire at the age of 65.5.

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It will be interesting to examine these findings in a few years, but so far, they indicate that crypto investors are more enthusiastic and confident about their investment retirement vehicles.

When it comes to the survey’s send portion, which was done with 203 financial professionals, the results differ in some areas. While 52.5 percent of these experts say Bitcoin and cryptocurrencies are a good short-term investment, 46.5 percent believe they are a poor long-term investment.

In this regard, 64.4 percent of experts believe that people should not invest in cryptocurrencies as a means of retirement. In contrast, with 87.1 percent, 401(k) or 403(b) plans remain the most popular retirement options among these respondents.

Former Russian President Rejects Central Bank Push to Ban Cryptocurrency

By
Christian Allen Tandoc
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0
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Russia’s former president and prime minister, Dmitry Medvedev, has expressed his disappointment with the Central Bank of Russia’s decision to prohibit crypto transactions.

The Central Bank of Russia’s proposal to exempt a number of crypto-related transactions from the legislation have sparked outrage in Moscow. Among the critics are the Finance Ministry, which presented its regulatory plan, the State Duma, where MPs are working on a new crypto law, and the government, which coordinated with other ministries to develop a roadmap for crypto regulation.

In a report released on January 21, the Central Bank advocated prohibiting the issuance, mining, and circulation of cryptocurrencies in the country in order to alleviate the concerns raised by their proliferation.

Dmitry Medvedev, now deputy chairman of the Russian Federation’s Security Council, acknowledged that the central bank’s position had grounds in an interview with Russian media Tass. The central bank cites concerns about the country’s financial stability and hazards to its residents as explanations for its tough stance on bitcoin.

Bank of Russia resumes rouble intervention | Financial Times

According to Medvedev, the Bank of Russia’s recommendations for crypto regulation, which attempt to criminalize crypto-related conduct, may have the opposite effect of what is desired.

According to Bloomberg, Putin prefers to “tax and regulate” cryptocurrency mining rather than outright prohibit it. “We also have certain competitive advantages here,” Putin is said to have said, “particularly in the so-called mining industry.” “I’m referring to the country’s excess of electricity and well-trained employees.”

Putin’s stance appears to be more nuanced than that of Russia’s central bank, which has advocated for the prohibition of all cryptocurrencies, despite the Ministry of Finance’s justification for regulation. According to Bloomberg, Putin has asked the central bank and the ministry to seek a solution.

Other Russian officials have recently expressed more specific concerns. According to the business newspaper Vedomosti, Minister of Digital Development Maxut Shadayev, any restrictions on the issue and circulation of cryptocurrencies will stymie the development of the blockchain industry and contradict the country’s goal of strengthening the IT sector. He also said that a ban would lead to a lack of trained specialists.

Bank of Russia resumes rouble intervention | Financial Times

The Russian Association for Electronic Communications (RAEC), which backs the finance ministry and the federal government, has also joined the fight against the Bank of Russia’s prohibition attempt. A prohibition would not solve current problems with fraud and other illegal activities; rather, it would exacerbate control by shifting market activity to the “grey” sector. In a statement released by the business news portal RBC, RAEC further stated:

According to RAEC specialists, digital marketplaces will contribute 6.7 trillion roubles (about $85 million) to the Russian economy in 2020. According to the organization’s preliminary projections for 2021, the indicator will have increased by 29 percent to 8.6 trillion roubles (about $110 million at current currency rates).

Russia isn’t the only government considering outlawing cryptocurrency or adopting stricter regulations.

Earlier this year, India had a law requesting a reconsideration of a crypto ban, while China announced a big crackdown on the crypto business in 2021. As a result of the Chinese crackdown, which restricted crypto mining and trade, miners and significant crypto companies were forced to relocate to other nations.

Although the US has not indicated that it will take such action, industry insiders expect it will in light of recent discoveries about the sector.

Nas and Royal Have a New NFT Drop Featuring Songs From Their Album ‘Rare’

By
Christian Allen Tandoc
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0
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Hip-hop legend and debatable GOAT Nas sold the rights to two of his tracks through Royal, a new crypto music platform.

Nas released two tracks as an NFT; let’s take a look at what this means for music rights and cryptos.

Royal is a music NFT marketplace that advertises its platform as a place where users may buy shares of songs and subsequently earn royalties on the music they’ve invested in. This month, the songs were released and went viral on the internet; Royal said that it would sell extended versions of NFTs called limited digital assets that include streaming royalty rights to two of Nas’ compositions, “Ultra Black” and “Rare,” with a limited number of tokens available for purchase. Nas’ streaming rights for each song will be up for grabs in total, with 50 percent of them up for grabs.

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‘”Having Nas be the first artist to sell royalty rights through Royal is a tremendous confirmation of our vision,” Royal CEO, co-founder, and acclaimed electronic artist Justin “3LAU” Blau remarked. “It demonstrates that artists of all genres are passionate about democratizing ownership of their music and wanting to engage with their fans on a deeper level.”

Nas also commented on the collaboration, saying, “I am always seeking fresh and innovative ways to connect with the people.” So I’m pleased to collaborate with Royal on their new venture so that the world may engage with my music in a new way.”

Nas and Royal shut down the site within minutes after the drop, which caused massive delays and server crash on the platform. After the drop was completed earlier this week, Nas expressed his pleasure and gratitude for the collaboration and his fans on Twitter. Royal also sent the following statement on Twitter:

“That’s the end of it!” Congratulations to everyone who received a ‘Rare’ token. We appreciate your help in bringing music ownership to the rest of the globe.”

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Nas retains 50% of the royalties from each NFT sale for the Nas music NFT drop. Those who purchase one of the 500 Gold tokens will receive 7% in royalties on every resale, while those who purchase one of the 250 Platinum tokens and ten Diamond tokens will receive 21% in royalties.

In November, Royal acquired $55 million in Series A fundraising, headed by venture capital firm a16z. Through NFTs, the platform intends to provide a mechanism for musicians to retain and share ownership of their work with listeners. This release is exciting for the possibilities of emerging artists and Royal because it demonstrates what music and blockchain can do when combined with intent.

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