- Singapore-based fandom fintech firm BAND Royalty has introduced its revolutionary music NFTs that include a royalty revenue-sharing platform
- The NFTs’ art DeFi utility features royalties from select songs by popular artists including Cher, Beyonce, will.i.am and Justin Timberlake
- The NFTs are produced as “albums” of differing degrees of rarity and staking power
- Art NFTs, including those anchored to the music industry, have been growing in popularity in recent years and BAND is the first company to establish its own music-only NFT trading marketplace
By now the cat is well out of the bag that non-fungible tokens (“NFTs”) are trending with a growing role in the music industry, catering to fans’ desires to hold collectibles representing their favorite artists but also to fans’ hopes of turning a little profit on the collectibles trading scene (https://ibn.fm/v9p7B).
The rise of music NFTs follows on the heels of low-tech vinyl recordings’ resurgence over the past 15 years, accelerated to overdrive during the past year’s pandemic conditions as an apparent result of fans’ desires for art that transcends the listening experience — especially in the absence of concert events. A report by VICE noted that the vinyl market grew 28.7% in 2020, outperforming CDs in revenues for the first time since the 1980s and stressing the supply chain (https://ibn.fm/LCA0Y).
Singapore-based BAND Royalty is disrupting the music industry revenue stream as the first creator of a music-only NFT marketplace tied to the royalties from leading artists. The NFTs will soon be tokenized to allow even more people to get involved.
BAND Royalty issued its first series of 3,000 NFTs in May, beginning with a private pre-sale and then open public access to the remaining NFT “albums.” BAND’s NFT marketplace can be found on its website, where three additional series of NFT albums will also appear during the coming year, each with 3,000 new NFTs of varying rarity and staking power to comprise 12,000 BAND NFTs in total once the rollout is completed.
The NFTs can be staked in royalty pools established by the company, meaning they are secured to the platform without the option of being traded elsewhere for a specified period of time.
The pools include the opportunity for stakeholders to share a percentage of the royalty revenues derived from select pieces of music as they are either performed mechanically or publicly, sold in printed form or synchronized with visual media such as film, advertisements and video games.
BAND has purchased these royalty rights for selections by artists including Cher, Beyonce, will.i.am and Justin Timberlake for the current series. The NFTs feature digital works of art that may enhance their value as collectibles that can be traded or sold to other fans.
“What we’re doing with non-fungible tokens is so off the charts that no one has seen it before,” BAND co-founder Noble Drakoln said during a live-streamed raffle of one of the NFT “albums” May 27 (https://ibn.fm/l4FZQ). “What we decided to do is to make a full-blown eco-system. The NFTs are the base of system. … We really wanted to make sure that we had from day one a global enterprise that was already crypto accessible. Because as we expand in this ecosystem our goal is just to make the process of collecting music royalties a lot more transparent for the artists and to get them to their fans a lot faster.”
For more information on BAND Royalty, visit the company’s website at www.BandRoyalty.com.
NOTE TO INVESTORS: The latest news and updates relating to BAND are available in the company’s newsroom at https://ibn.fm/BAND
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