Royal music platform could have shape another circle belongs to the age of musicians

When cryptocurrency entered the mainstream media for the first time in 2017, everyone began to speculate in which field this new technology would bloom first. One of the guessed candidates is the music industry. An industry that has been waiting for equality for a long time. Many musicians are struggling. Some musicians point out that their difficulties are caused by producers and studios because of the latter grabbed most of the proceeds. Royal music platform may bring a glimmer of light.

3LAU released the world's first NFT music album in March, earning more than $11.68 million in 24 hours. Earlier, 3LAU also NFTized a single, and then made $250,000 at the time. " This is much more than the advance payment a record company pays for a single." The release of the album has brought tens of millions of dollars in income, and 3LAU is obviously stimulated by the wealth effect of NFT. So he and his college roommate JD Ross co-founded Royal in May, and bowed to the game thoroughly.

JD Ross previously founded the real estate agency Opendoor, which was invested by SoftBank. It was listed on the Nasdaq last year and is now valued at US$12 billion. After the establishment of Royal, it first secured a $16 million financing, and then conducted an experiment at the end of October-released 333 NFTs for 3LAU's new single "Worst Case", accounting for 50% of the single's streaming media ownership.

It is worth mentioning that the song is now more than 3 million plays per month, and these 333 NFTs are airdropped to community users for free, and are now worth more than 6 million U.S. dollars. Royal music platform plans to open up to more artists and launch 1,000 songs this year to allow fans to choose to invest, and it has indeed received the support of many musicians. "The value of music ownership is now seriously underestimated, but this situation will not last long, because more and more musicians embrace the Web3 ecology." These musicians can sell their works through Royal, and their fans can also directly Buy the ownership of music from your favorite idol and get royalties in the future.

Through the public blockchain to issue idol tokens and build an underlying consumer platform, fans can use the same exclusive currency to purchase and enjoy all activities, content and services of their idols, including performances, peripherals, etc., while reducing many Time and economic costs brought by intermediary agency links such as social media and integrated systems. Therefore, this is essentially a new possibility to maximize the fan economy by using blockchain technology.

Although Royal music platform is a project with the concept of Web3 (Web3 often means out of reach), Royal is still very pragmatic-they are not necessarily Tokens in payment tools. They are still in the beta stage and support USDC. In the future, Will directly support the U.S. dollar.

In addition, Royal music platform is still on the Ethereum mainnet now, but it will move towards multi-chain in the future. In summary, Royal is obviously a not-so-Crypto project. It is not proud of it in the Crypto field (recent chain games have this sign), but takes the development path of attracting musicians and facing the majority of fans. Just attracted a lot of musicians to participate in the US$16 million financing, so what do you think of Royal's next development?