3LAU is dropping the world's first fan-owned song through the power of blockchain and NFT technology.
The dance music producer and member of Cointelegraph's Top 100 Notable People In Blockchain, raised $16 million earlier this summer in order to bring his new entrepreneurial endeavor, Royal, to fruition. The new platform tokenizes royalty-generating musical assets, enabling the public to purchase tokens which effectively guarantee them a share of the income generated from every stream.
It's a logical thought progression for 3LAU given his success in tokenizing the first-ever NFT album earlier this year. In January, he sold 33 NFTs tied to the long-form project, generating an astronomical $11.6M in proceeds.
The idea for Royal came from a relatively straightforward intention: democratizing investment in music.
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"I always tell people that artists’ popularity is completely dependent on the fans and the listeners, not the companies and the distributors," 3LAU said in a statement. "If the fans like the music, they share it, they go to the shows, they're fully responsible for augmenting an artist’s popularity. So why shouldn't those participants achieve upside for believing in someone early?"
Royal's first tokenized music offering comes from 3LAU himself, with his forthcoming single "Worst Case." For more information on how to participate in the referral contest to win lifelong streaming revenue from the single, visit Royal.io.