3LAU's NFT marketplace has received another huge cash injection.
Just months after a $16 million investment, Royal has announced a $55 million funding round led by Andreessen Horowitz's a16z Crypto fund. The Chainsmokers, Logic, Kygo, Nas, CAA, Crush Music, Coinbase Ventures, Founders Fund, NEA's Connect Ventures, and Paradigm all participated, according to reports.
"The value of music ownership is vastly misrepresented and undervalued today, but it won't be for too much longer, as more musicians embrace the web3 ecosystem," 3LAU wrote in a recent blog post.
Royal is a marketplace for musicians that allows them to sell the royalties accrued from their songs to fans. 3LAU recently gave away 50% of the streaming rights to his latest song, "Worst Case," via Royal. These shares have since been resold for $600,000 and have reportedly given the single a valuation of $6 million.
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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?"
Earlier this year, 3LAU broke records by selling a collection of limited edition NFTs for $3,666,666 in the first-ever tokenized album sale.
Learn more about Royal here.