NFT music platform Royal secures $55 million in Series A funding

Royal – an on-chain music platform – revealed a funding round dubbed Series A as it is spearheaded by the American venture capital firm Andreessen Horowitz.   

For the uninitiated, Royal enables fans to purchase music rights through nonfungible tokens (NFTs). Co-Founders – DJ Justin Blau (stage name 3LAU) and businessman JD Ross announced on Tuesday as they bagged a Series A funding amounting to $55 million after August’s $16 million seed round.  

More are hopping in  

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As mentioned, it was the California-based Andreessen Horowitz (a.k.a. a16z) that conducted the funding round. Andreessen Horowitz’s General Partner – Kathryn Haun – posted a tweet regarding the company’s investment within Royal’s chance in changing the music landscape.  

It was learned that more investments came in from NEA and CAA’s Founders Fund and Paradigm, Connect Ventures, Coinbase Ventures, and Crush Music. Notable artists like Nas, Logic, Stefflon Don, Disclosure, Joyner Lucas, The Chainsmokers, and Kygo have also pledged to back up the said endeavor. Royal will then utilize the funds to expand its team and at the same time invest in the growth of musical artists who registered for the said platform.  

Empowering listeners  

With that in mind, Royal’s CEO Justin “3LAU” Blau said that fans should be allowed to co-own the music alongside their favorite artists via maximizing the blockchain technology to award music rights, not to mention orienting the incentives between artists and fans. He went on to say that they’re beginning with a collective of curated musical artists as part of their initial sales, though the CEO highlighted that they have intentions of opening up the platform to additional artists in the future.  

NFTs saving the day  

Further, when asked about how nonfungible tokens (NFTs) can help resolve the ongoing debacles within the music scene, Blau responded that artists’ income is dependent on how much following they have, though listeners are not getting any in return for such an interaction. That said, Royal leverages the standards in NFT to give artists a helping hand in getting more freedom and helping them capture more of the emotional worth that particular music is creating.  

Right now, more musicians are welcoming the Web 3.0 landscape and at the same time empowering their fans while funding these artists on what they love to do.   

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Andrew Smithhttp://thecoinrepublic.com
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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