- Entertainment fintech firm BAND Royalty has created an NFT art offering that starts at only 1 Ethereum per NFT art piece. Each NFT art piece gives anyone holding it access to the secretive world of buying and selling music royalties. Using a new type of art NFT that is also a music NFT DeFi opportunity, BAND Royalty has developed a utility for its art NFTs that allows fans to connect to their favorite music artists and share in their income, through music royalties.
- The top 3 one of a kind NFTs in the BAND Royalty limited edition music NFT series, entitled “Every time it’s played”, secured more than $200,000 in Ethereum equivalence in a private presale, with the remainder of the music NFT artwork available for an exclusive sale directly on their website. With 15 curated images distributed over 8 different rarity levels this unique NFT series is the first of its kind to have a built in defi-component developed right into its purpose.
- The NFTs can be staked for revenue shared into various DeFi royalty pools tied to select song catalogs that have songs performed by artists such as Beyonce, Cher, Justin Timberlake, and Rihanna.
- BAND has debuted a one-of-a-kind music industry, the only NFT marketplace to trade their NFTs and eventually to open it up as a whole to the music industry. This is just a small part of the company’s ongoing growth and development plans.
Music industry revenue machine disruptor BAND Royalty is pairing DeFi innovation with digital Hi-Fi wizardry to democratize the way fans enjoy connecting with celebrities and the way performers own their brands.
BAND Royalty’s non-fungible tokens (“NFTs”) appeal to the collectibles market, delivering distinctive 3D artwork for each limited-edition series. The NFTs will also be able to be staked, in order to gain access to a library of music royalties held by BAND, meaning that the NFTs can be contractually secured to BAND’s platform for a period of time to prevent their value trading elsewhere.
In the model developed by BAND, this series of NFTs only contains 3,000 distinct art pieces, using 15 curated images celebrating music’s diversity of people and genres with a DeFi utility divided into eight different rarity levels. Anyone can get started with the largest rarity level having 1500 vinyl NFTs selling for only 1 ETH. Each one of the vinyl NFTs can be staked to one of BAND’s three royalty pools. So the more vinyl NFTs you own, the more staking spots you can carve out for yourself. The lowest numbered rarity in the series that BAND Royalty produced was the #1 one of a kind NFT art piece known as the “double diamond album”, worth 25 ETH or $100,000, which sold within 48 hours of the pre-sale announcement and is stake-able to all the royalty pools, with an additional BAND token being airdropped to owner once the company’s crypto ecosystem is launched in summer 2021.
When staking starts, BAND’s NFTs will grant NFT holders access to a percentage of the music royalty revenue being generated by the extensive and diverse BAND Royalty music catalog. Each of the royalty types have been divided into three different music pools: publishing of printed music, public and mechanical performances of the music, and synchronization with visual media such as film, advertisements, or video games.
BAND NFT stakers will participate in the revenue of songs performed by musicians such as Cher, Beyonce, will.i.am and Justin Timberlake, and various other performers as the catalog grows. Although the royalty staking does not transfer ownership of copyright or royalties possessed by the artist and by BAND, respectively, revenue from the royalty shares can give fans a feeling of owning a piece of their favorite artist’s success.
The power of BAND’s vision was realized in the limited access private pre-sale of part of its first series, which netted 60 ETH for the top three albums — equivalent to more than $200,000 in Ethereum exchange at the time. The pre-sale brought in an overall total of more than $700,000 in Ethereum equivalence, according to the company’s news release (https://ibn.fm/ojFUW) in the various eight rarity levels.
The public sale of the NFTs initially took place on Open Sea, the world’s largest NFT marketplace, but BAND has since created its own first-ever music-only NFT marketplace, which it operates through its website as the company continues to develop its vision of democratizing music royalty revenues.
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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