- Music NFT company BAND Royalty has developed a series of limited edition beautifully curated NFTs in the same vein as HashMasks and CryptoPunks, both of which have had NFTs sell in the millions
- The goal was to give these BAND NFTs a special opportunity to have utility by connecting them to performance royalties of today’s platinum artists such as Beyonce, Jay-Z, Justin Timberlake, Rihanna, Cher, Demi Lovato and so many more
- The first series contains 3,000 NFTs at value ranges between the rare diamond levels (worth 15 to 25 ETH) all pre-sold for $200,000 within 72 hours, to the most widely available vinyl levels (worth 1 ETH)
- A private-buyer presale of the first series sold the three rarest of the NFTs as well as additional other-level NFTs for an Ethereum equivalent of over $700,000 on May 5
- The remainder of the first series’ NFT’s becomes available for public sale directly the Bandroyalty.com website as of May 15
- BAND Royalty buys into seasoned music royalty catalogs and plans on giving BAND NFT holders the opportunity to share in the income generated by these same catalogs once they go through the BAND Royalty staking mechanism
Music entertainment technology company BAND Royalty made a bit of history when it closed its first private presale of a select group of non-fungible tokens (“NFTs”) that not only provide their holders with collectible digital art but also give those holders an opportunity to share in the song royalties that BAND Royalty owns that are tied to prominent artists’ performances.
The BAND NFTs provide digital (blockchain), non-copyright ownership of art-and- the performance royalty selections that feature well-known and popular artists such as Beyoncé, Justin Timberlake, Rihanna, will.i.am, and Jay-Z, and an opportunity to share in the performance royalties generated by the catalog owned by BAND Royalty.
The presale round of BAND NFT Series 1 NFT music art collectibles sold the top three Diamond Album BAND NFTs for a combined cryptocurrency value of 60 ETH, which was at the time valued at more than $200,000. In all, the presale round brought in over $700,000 in Ethereum equivalence, according to the company’s news release (https://ibn.fm/DJ8VV).
The three diamond-level NFTs were considered to be the most valuable on the market based on their low mint number and rarity — each containing only one exemplar ranging in value from 15 ETH to the double diamond album’s 25 ETH. The three premier NFTs will include Band TOKENS once they are rolled out, and access to all three BAND royalty pools.
The royalty pools hope to grant the NFT holder the option of “staking” their NFT art to receive a share of pooled revenues from either printed versions of a musical selection, public and mechanical performances of the musical selection, or visual media synchronization of the selection such as its appearance in a movie, video game or advertisement.
Staking involves contractually securing the NFT to a platform for a period of time so that the owner can’t otherwise trade on its value, with the ultimate goal of passively obtaining value from the platform where the NFT is staked, which in BAND’s case involves granting stake holders a share of royalties in the defined pools, if those royalties are ever generated.
The period for royalty pool staking ranges from 90 days to five years according to the NFT holder’s wishes and willingness to adopt the risk.
The $700,000 value of the total NFT sales included sales of other rarity levels of BAND’s NFT offering below the diamond levels, ranging from vinyl albums (1,500 available, highest mint numbers, worth 1 ETH each) to platinum albums (22 available, lower mint numbers, worth 10 ETH each). The two most valuable platinum levels offer opportunities to stake in all three of the royalty pools, while the three lower value vinyl and gold pools offer a choice of one or two royalty pools to stake in, respectively.
With presales completed, the remainder of the 3,000 albums will become available directly from BAND Royalty’s website and NFT marketplace, www.bandroyalty.com, on May 15 for purchase on a first-come, first-served basis. The first series of 3,000 musician NFTs will be followed by three other similar series for an eventual total of 12,000 BAND NFTs.
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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