BAND Royalty, an enterprising music technology company, is launching a series of 3,000 NFTs that provide fans a unique NFT collectible, that will eventually be able to give owners access to share in the various music royalty revenues produced by some of the most popular songs, performed by some of most successful musicians around the globe.
- BAND Royalty’s new digital economy focusing on music is part of its preparations to launch an NFT/crypto ecosystem that unlocks as much of a musician’s music royalties as possible by having them team up with their fans. This includes BAND Royalty publishing as well as its upcoming music label, BAND Music Chain Records
- BAND’s NFTs are designed to grant access to the revenues of BAND’s in house Performance Rights music royalty pool, that includes songs performed by artists such as Beyonce, Jay-Z, Justin Timberlake, Cher and Rihanna. BAND will go on to share full access to a further two additional royalty rights pools, Publishing Rights and Synch Royalties, totally three royalty pools. Just like basketball fans have NBA Topshots, BAND NFTs are doing the same thing for music fans, creating a series of collectible NFTs that give them access to share in the royalties of their most beloved songs and artists.
- The NFT market is finding it’s place in the larger digital economy — tripling in valuation during 2020 and continuing on to record sales in 2021, over $500 million, including Christie’s highest ever recorded art auction for a living artist at $69 million, coming from Beeple’s digital art sale in March.
Ten years after Bitcoin creator Satoshi Nakamoto sent his final emails to fellow developers, the cryptocurrency’s roller coaster ride on the market continues to reach new heights (https://ibn.fm/6Gaqo) even as a large swath of the world’s population continues to be mystified by what cryptocurrencies entail — including the majority of those who invest in the digital asset (https://ibn.fm/Uh7lp).
Now in 2021 we are bringing on a whole new range of other digital properties to be stored on the blockchain, being spearheaded by non-fungible tokens (“NFTs”) rapid rise as the fastest growing asset class of 2021 last year, after it tripped in value tripled in only a few months, indicating a significant store of value exists there (https://ibn.fm/kehtd). Time magazine reported NFTs garnered another $200 million between February and March alone this year, with work by digital artist Mike Winkelmann (known as Beeple) selling for a record $69 million at Christie’s on March 11 (https://ibn.fm/1GJ31).
NFTs continue to accelerate a larger trend of the digital economy innovation, as the public continues its increasing fascination with the a crypto-economy. NFTs seem to be particularly suited to artists, allowing them to profit from unique, trade-able representations of their work that are in a sense owned digitally but not copyrighted, not unlike a mass-produced baseball card or poster with genuine autographs adorning its face that can be bought and sold for whatever value someone attaches to it.
Entertainment technology-driven firm BAND Royalty is creating its own pioneering space in this rapidly monetizing new NFT market, creating its first limited edition of 3,000 music NFTs that will allow fans of both the crypto and music industries to not only collect one of the 3,000 NFTs, but to also eventually “stake” it within one of their three “royalty pool” that give them the opportunity to share in the royalties from various artists and songs they love within the BAND music royalty catalog. The royalties are derived from either published versions of the music, or public and mechanical performances of the music, or synchronization with some kind of visual media such as film, advertisements or video games.
The revenue generated from the BAND music royalty catalog is not guaranteed, just as market investment revenues can’t be guaranteed. Monetization potential for a BAND NFT holder who decides to stake has many variables, that depend upon the number other stakers there in that specific BAND Royalty music pool, the number of NFTs each holder stakes, the amount of royalty generated that quarter on how many times the songs were played, the length of time that the staker stakes, and how accurately they fulfill all of the requirements that makes them eligible to be a staker. Stakes in the three BAND music royalty pools can be placed for a period ranging from 90 days to five years once BAND’s Music Royalty Pools smart contracts open up at the start of Q3 in July 2021. All those holders of BAND NFTs during Q2 will automatically qualify for royalty payments for Q2, provided they stake immediately upon the opening of the royalty pool smart contract.
BAND Royalty debuted it’s NFT launch by sharing a partial glimpse into its current performance royalty catalog of over 50 songs performed by various artists including Beyonce, Jay-Z, Justin Timberlake, Cher, will.i.am, Timbaland and Rihanna. BAND Royalty intends to sell two more series of limited edition BAND NFTs with new artwork continuing to celebrate diversity and inclusion, by August and a final fourth NFT series after that, including tokens and an app launch. Each BANF NFT series will include 3,000 NFTs, completing the entire series at a total of 12,000 BAND NFTs. Similar to both Hashmasks and CryptoPunks limited edition series, the BAND NFTs are designed to be stand-alone collector items that provide collectable value, even without requiring access to royalties component, which bring a unique benefit not seen in any other NFT release to date.
“The performance royalty rights of the music that BAND has shared from their website, validates that for the next 8 years BAND Royalties operating Singaporean company owns the songwriter’s ‘writer rights’ to this entire collection. This is very important because it opens the BAND catalog to royalties whenever the song is played or performed, even if it is not performed by the specific artist who made the song famous,” the company states in a news release explaining how its NFT product works, citing the enormous revenues (over $10m) that Whitney Houston’s performance of “I Will Always Love You” generated for original artist Dolly Parton (https://ibn.fm/VHAmM).
“In 20 years, when every corporation uses blockchain to track its supply lines, every bank uses smart contracts to manage its money flows, and Justin Beiber is using NFTs to divide up and monetize his entire discography directly with his fans; we will look back on small moments like these and remember where it all started…,” the BAND news release states.
For more information, visit the company’s website at www.BANDRoyalty.com.
NOTE TO INVESTORS: The latest news and updates relating to BAND Royalty are available in the company’s newsroom at https://ibn.fm/BAND
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