World-famous DJ Diplo will be releasing one of his songs as an NFT. The DJ’s new song will be available
on the crypto music startup Royal instead of the normal Web2 streaming platforms.
Credit: Mixmag Asia
The single, “Don’t Forget My Love,” will have its royalty rights associated with Polygon-based NFTs known as “Limited Digital Assets (LDA).” Additionally, Royal will be selling 2,110 Diplo LDA tokens on March 29. This will enable Diplo fans to become part owners of the song.
There are three token tiers. The cheapest, priced at $99, will give the owner 0.004% of the song’s streaming royalties. Conversely, owners of the most expensive tier – priced at $9,999 – will get 0.7% of the royalties.
Royal founder DJ Justin Blau commented on this collaboration: “Diplo is a cultural leader and innovator who always pushes boundaries. We’re incredibly stoked that his fans will have the opportunity to own a piece of his music. This drop shows there’s a real, mainstream application for blockchain technology, and the use cases extend beyond independent artists and enthusiast communities.”
Royal’s road to success
Royal is one of the many emerging crypto-based platforms trying to shake up the traditional music industry. However, it is already standing out from the crowd. This is because it has succeeded in attracting big names and encouraging them to make money from their music by other means.
DJ Diplo isn’t Royal’s first major artist to sell music NFTs via its platform. Legendary rapper Nas invested in the company’s $55 million Series A in 2021. Moreover, he also tokenized two songs on Royal. Other artists Royal worked with include Ollie and Verite. All three collections sold out, generating $1.2 million of secondary trade volume via OpenSea.
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