DJ Justin Blau is an electronic dance music producer who is famous by his stage name 3LAU. He has recently officially announced the launch of Royal. It is a blockchain-based music investment platform. On August 26, Forbes reported that this announcement comes together with the platform raising $16 million in a seed funding round. This round was co-led by Paradigm and Peter Thiel’s Founders Fund, the crypto-centered investment company.
3LAU and JD Ross, his college friend found the platform, Royal. It is a new platform that targets fractional music ownership through the platform’s own NFTs or non-fungible tokens, which are meagre digital assets. Besides, the company plans to democratize access to music ownership for music lovers. It will allow them to invest as well as acquire rights to their favorite songs and albums through a limited release recorded on the blockchain network.
Also, the creators of this project believe that doing this with the platform will let the fans earn more money with their favorite artists as their music becomes more popular. According to several reports, 3LAU and JD Ross have not yet decided which blockchain platform will form the basis for the Royal platform. The representatives of the platform said, “Royal is open to using different blockchain technologies”.
More On Royal From 3LAU
3LAU said that over the next six months, Royal will gradually roll out a beta version of the platform with limited access. They have the goal of a full release of the platform over the next eight months or a year. The startup is in talks with several well-known artists about placing them on the platform. However, they have not yet revealed any names. Royal will charge artists a small short-term fee in the hopes that the project will eventually become fully “community-driven”.
Furthermore, 3LAU said that their new platform, Royal, plans to support all the early music projects. They will do this by letting the fans invest in them. He stated:
“I always tell people that artists’ popularity is completely dependent on the fans and the listeners, not the companies and the distributors. If the fans like the music, they share it, they go to the shows; they’re fully responsible for augmenting an artist’s popularity,”
3LAU has become one of the biggest advocates of cryptocurrency in the music industry. Moreover, he calls Bitcoin (BTC) “one of few hedges against a legacy, vapid monetary system”. In March this year, Ultraviolet which is 3LAU’s tokenized NFT became the most expensive single NFT token ever sold. The artist is reported to have earned more than $20 million from various NFT auctions over the past year.
You can subscribe to our newsletter to get the latest updates daily.