Joyner Lucas, Nas join $55m funding round in 3LAU’s blockchain-based music investment platform Royal

Royal, the blockchain-based music investment platform, co-founded by Justin Blau AKA musician and producer 3LAU, has closed a $ 55 million Series A round.

The round was led by Andreessen Horowitz (a16z) with additional investment from CAA and Connect Ventures, Crush Music, Coinbase Ventures, Founders Fund and NEA’s Paradigm to build the future of network music ownership.

The company has also attracted new investment from artists such as The Chainsmokers, Nas, Logic, Stefflon Don, Kygo, Joyner Lucas, and Disclosure.

To date, 3LAU has sold more than $ 20 million in primary sales of its NFT launches in its 3LAU and SSX3LAU launches.

Its Royal blockchain platform, which launched over the summer, aims to enable fractional ownership of music through its own version of NFT.

Royal’s Series A round follows their successful seed round in August, which raised $ 16 million.

The platform says it will use the new funds to “invest in the growth of its ecosystem.”

He adds that “thousands of artists, from household names to promising newcomers, have come forward to work with Royal.”

Last month, Royal claims to have “tested its concept in its initial interaction on the platform” after 3LAU gave away 333 limited digital assets (Royal’s extended version of an NFT) representing 50% of the transmission ownership in its last single, Worst of cases.

According to Royal, within the first two weeks, the song has reached “an implied value” of more than $ 6 million and fans have half the value.

Additionally, the tokens have traded over $ 650,000 in secondary market volume, which Royal says shows “how an open market values ​​ownership in music royalties.”

In a blog post announcing the Series A investment, Royal claims that it is demonstrating how it will “make ownership of music royalties accessible to the masses, allowing anyone to buy tokens representing their favorite songs and share the royalties” .

The blog post adds: “Connecting artists directly to fans as royalty owners creates a deeper connection with aligned incentives, providing numerous benefits for everyone involved and turning the legacy music business model upside down.

“Royal’s model represents a new era in music copyright ownership, optimized through blockchain technology.”

“We couldn’t be more excited to welcome a list of innovative artists who believe in our mission.”

Justin “3LAU” Blau

Royal CEO and Co-Founder Justin “3LAU” Blau said: “The company is growing at a rapid pace beyond expectations, reaching more than 120,000 subscriptions since it was announced in late August.

“We couldn’t be more excited to welcome a list of innovative artists who believe in our mission.”

“We believe that blockchain technology has the ability to transform music ownership in the same way that the Internet has transformed the way music is listened to.”

The smokers

Electronic duo The Chainsmokers said: “We believe that blockchain technology has the ability to transform music ownership in the same way that the internet has transformed the way music is listened to.

“At the dawn of Web3, Royal’s model of modernizing the way we collect and share music made a lot of sense to us, as musicians and investors, we had to get involved.”

“When Justin told us about Royal and how artists can share the rights to their music directly with their community, he just clicked.”

Chris Zarou, Logic and Manager

Logic and his manager Chris Zarou said: “When Justin told us about Royal and how artists can share the rights to their music directly with their community, he just clicked.

“For us, that is a game changer. “

“The Royal team has a bold vision to apply the spirit of web3 to transform the music industry in a way that empowers artists and their fans.”

Kathryn Haun, Andreessen Horowitz

Kathryn Haun, General Partner at Andreessen Horowitz, said: “The Royal team has a bold vision to apply the spirit of web3 to transform the music industry in a way that empowers artists and their fans.

“Music is one of the most exciting unlocks for NFTs. 3LAU’s first-hand experience as a successful artist coupled with JD’s exceptional track record as a founder and operator of repeat startups makes them the ideal partner to tackle the complex undertaking of applying blockchain technology to music rights and ownership. ” .Music business around the world

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