Hip-Hop Legend and indisputable GOAT Nas have sold the rights to two of his songs through a new crypto music platform called Royal.
Rapper Nas has sold two songs as NFT; Let’s see what this means for music rights and cryptos.
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Royal and Nas: a silent duo…
Royal is a marketplace for music NFTs, advertising its platform as a place where users can buy shares of songs and then earn royalties on the music they’ve invested in. This month the songs dropped and took the web by storm; Royal has announced that it will sell extended versions of NFT called Limited Digital Assets which include the streaming royalty rights to two of Nas’ tracks, “Ultra Black” and “Rare”. , with a limited number of tokens available for sale. A total of 50% of Nas’ streaming rights for each song will be up for grabs.
“Having Nas be the first artist to sell royalty rights through Royal is an incredible affirmation of our mission,” explained Royal CEO, co-founder and acclaimed electronic artist Justin “3LAU” Blau. proof that artists of all genres want to democratize ownership of their music and they want to be connected to their listeners on a deeper level.”
Nas also spoke about the partnership saying, “I’m always looking for new and unique ways to connect with people. So I’m thrilled to partner with Royal in their new endeavor to connect the world to my music in a new way.
Stopping the platform: the block is hot…
Nas and Royal shut down the web within minutes of the fall as it caused huge delays and server outages on the platform. Nas spoke on Twitter after the drop ended earlier this week, explaining his excitement and gratitude to the partnership and his fans. Royal also issued a statement via Twitter:
“It’s a wrap!” Congratulations to everyone who scored a “Rare” token. We are grateful for the support on this journey to bring music ownership to the world.
For Nas’ NFT music drop, Nas keeps 50% of the royalties for each NFT sale. Those who purchase any of the 500 Gold tokens will receive 7% royalties on each resale, with 250 Platinum token holders and 10 Diamond holders each earning 21% royalties.
Matic: The Polygon blockchain (MATIC) is used on the Royal platform. | Matic/USD
In November, Royal received $55 million in Series A funding led by venture capital firm a16z. The platform aims to give music artists a way to retain and share ownership of their work with fans via NFTs. This drop is exciting for the potential of emerging artists and Royal, as it shows what music and blockchain can do when paired with intent.
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