Royal, a startup from 3LAU that creates a market for digital assets linked to music artists, received $ 55 million in funding through a16z Series A fundraiser.
Royal aims to provide artists with the opportunity to share ownership of their music with fans by releasing digital collectibles in the form of non-fungible tokens. In a sense, the firm’s proposal is illustrated by a recent drop from 3Lau, which has produced a collection of 333 unique pieces of art that also represent 50% of the streaming ownership of his song Worst Case. The company says more than 120,000 users have signed up to access the platform since August.
Details about the NFT Royal music platform
“Music was never bought as art,” he said. No matter what percentage the artists offer, it unlocks value. Because [the fans] can say that they are one of, say, 100 people who have something. They will want to promote artists in other ways and add value to the community, ”3Lau said.
The funding round adds several artists to the company’s partner table, signaling the entertainment community’s interest in following 3Lau’s lead. Investors in this vertical include The Chainsmokers, Nas, Logic, and Kygo. Other investors include Coinbase Ventures, Founders Fund, and Paradigm.
Ultimately, 3Lau’s goal is to create a platform on which aspiring musicians can start their careers, using NFT to fund future albums. The new cash injection will help Royal create the necessary engineering and legal infrastructure to support such a product.