BAND Royalty music NFTs promise fans a chance to earn money from successful artists and songs. Or at least that’s what the company claims.
It’s the latest evidence of non-fungible tokens changing music industry revenue dynamics. In this instance each time a song from the linked catalogue is performed a share of the income will go to fans. Artists including Beyonce, Jay-Z, Justin Timberlake and will.i.am are signed up to the scheme.
What are BAND Royalty Music NFTs?
BAND Royalty music NFTs are hosted on the ethereum blockchain. Users can stake these in any of three pools in order to receive their percentage of revenue. This means it’s possible to earn multiple times from the same track by using different pool royalty categories.
Multiple transaction types are supported by the platform. These include:
*Trading BAND Royalty NFTs — BAND NFTs can be traded on OpenSea, the world’s largest non-fungible marketplace.
*Music Royalty Pools — Using DeFi, BAND NFT holders can stake tokens for anything between 90 days and five years for a percentage of royalties. Longer stakes offer better returns, with three pools are available. These are print music, mechanical/public performance and synchronisation.
This essentially means BAND Royalty offers dual revenue streams for those who want to take a deep dive in. Users can earn by trading BAND NFTs, and make profit directly from BAND music catalogue royalties.
There’s more to BAND than you think
BAND is certainly a fitting name for a music NFT platform. But the brand has more to it than first meets the eye. As CryptoCurrencyWire reports, the letters combine the initials of founders Barnaby Andersun and Noble Drakoln.
Meanwhile, music is making some of the loudest noise in the NFT space right now. Last week alone we wrote about Viberate re-thinking the musical economy with its NFTs, and the competition to create a new theme tune for ROCKI, the largest music NFT platform on the planet.
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