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.
‘”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.”
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.
