Just recently, Justin Blau, a DJ, and an electronic dance music producer has made an announcement for his fans and followers. Blau has announced that he has introduced a new music platform, which would also be working as an investment platform.
Justin Blau, prominently referred to as “3LAU” being his stage name has announced that the name of the new music platform would be Royal. The Royal platform would act as a music investment service that would be based on the blockchain network.
Blau was extremely excited while announcing the launch of the new platform and he is confident of recording the user-base on it. The announcement around the launch of Royal was made by 3LAU on Thursday, August 26, 2021.
Just recently, 3LAU had revealed that his firm had recently carried out a successful seed funding round. From the particular funding round, he managed to bring up a $16 million figure that he would later use for the development of Royal.
3LAU had revealed that the particular funding round was led and heavily supported by Founders Fund and Paradigm. Founders Fund is an investment firm that has been founded by Peter Thiel. On the other hand, Paradigm is an investment firm that is focused on cryptocurrencies.
The details around the funding round, the accumulation, as well as the investors were collected and shared by Forbes on the very same day, August 26, 2021.
3LAU revealed that he is not the only founder of the new music investment firm but he also has a partner. 3LAU revealed that JD Ross, who is his colleague, is also the co-founder of the Royal platform.
While making the official announcement for Royal, 3LAU also provided details around the aims of Royal. He revealed that the new platform will be launching its own non-fungible tokens (NFTs), which would help it enable ownership through fractional music. According to 3LAU, the non-fungible tokens used for the purpose would be limited.
3LAU revealed that the reason behind the launch of the particular platform is to introduce democracy in the music industry. It has been a while since the major record labeling companies and other major music agencies have taken a higher cut from the artists for their hard work.
Therefore, the purpose of the new platform is to give ownership to the artists who are the rightful owners of the content they compose. Just like the artists who receive the highest cut of the royalties, it would be the users who would also own some fraction of the music they purchase to listen to.
The content that the artists create on the blockchain network, would be available in the form of limited edition content. This would mean that once the users/fans acquire particular music NFT on Royal, they would own some part of it. This would be like an investment made by the users, bringing them returns and gains for their investment.