Having made a splash in the art world, NFTs are making inroads into music as both pieces of art and investments.
Having made a splash in the art world, NFTs are making inroads into music as both pieces of artinvestments. Royal, a music-focused NFT platform that allows artists to sell a share of their royalties, raised $55 million in a Series A round from a crowd of investors including Andreessen Horowitz, CAA, NEA’s Connect Ventures, Founders Fund and Coinbase Ventures, the venture capital arm of crypto exchange Coinbase.
Celebrity backers include musicians Nas, Kygo, The Chainsmokers, Stefflon Don, Joyner Lucas and Disclosure. The company raised $11.7 million in seed funding in August led by Founders Fund and Paradigm.— the EDM artist 3LAU — Royal is a platform that “mints” NFTs that give fans, collectors or speculators a share their royalties.
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