The firm isn't saying much about their launch or product plans, such as when the platform will start selling fractionalized assets, but it's apparent the company will be extensively using Blau's music and position within the music industry to lure early fans/investors to the platform. Keith Rabois, another Opendoor co-founder, oversaw the deal for Founders Fund. A $16 million seed round in Royal is being led by Paradigm and Founders Fund, with Atomic - where Ross was formerly a general partner - also participating.
While visual artists interested in placing their digital works on the blockchain have seen a number of platforms sprout up and evolve in recent months to simplify the process of selling their art, there have been less initiatives focused on musicians. Royal's investment comes as a larger bull run in the NFT industry appears to be reaching a fever pitch, with investors pouring hundreds of millions of dollars' worth of cryptocurrencies into community NFT ventures like CryptoPunks and Bored Apes. Blau claims that as COVID restricted his ability to tour, he devoted his whole attention to NFTs, hoping to discover a means to flip the power dynamics on "platforms that were taking all the value from producers." Back in March, weeks before many would first hear about NFTs following the $69 million Beeple sale at Christies, Blau set his own record, selling a batch of custom songs and custom artwork for a collective $11.7 million worth of cryptocurrency. Blau has been one of the most visible and active members of the NFT community, leading a variety of start-up initiatives targeted at investigating how artists may monetise their work using crypto markets. The Royal venture is led by Justin Blau, an EDM singer known as 3LAU, and JD Ross, a co-founder of home-buying platform Opendoor. There will be marketplaces for music ownership that do not exist now.įounders Fund backs Royal, a music marketplace planning to sell song rights as NFTs When you own it, you're more likely to spread it, become a tastemaker, and share it. Royal is attempting to create a society in which anybody may purchase ownership of music directly from the creators of that music.
Imagine investing into a Rick Astley's Never Gonna Give You Up and getting paid each time you Rickroll someone. An artist's popularity is primarily dependent on the fans and the listeners, not the record labels and the middle men like distributors. Everyone will be able to share in the upside and their own music consumption, earning royalties ($$$) with artists as their music grows in popularity. Fans and audiences like you and me will be able to not only invest in, but also hold rights to, their favorite songs and albums via limited edition, signed digital assets recorded on a yet-to-be-determined blockchain. Royal is a platform that democratizes music and connects fans more efficiently with their favorite artists and songs.
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