- Company is the first music industry disruptor to leverage non-fungible tokens that allow music fans to share in 50% of the income brought in by various music royalties
- NFT Series 1 pre-sale exceeded $1 million, with three NFTs selling for $200,000; to be followed by three other NFT series in the future
- BAND Royalty launches first ever Music-Only NFT Marketplace on its own website
- Plans in motion to expand music performance royalty catalogue with other top-tier artists and tracks, resulting in larger income streams
Entertainment tech company BAND Royalty is leveraging the unprecedented growth and popularity of non-fungible tokens to revolutionize the music industry and how fans interact with their favorite artists and music. The company set out to create a unique NFT music ecosystem that allows music lovers take their enjoyment to the next level by sharing in the royalties of their favorite songs each time they are performed.
To this end, BAND Royalty has already taken the first steps by rolling out a series of 3,000 music art NFTs and launching a beta version of its own NFT marketplace – the first ever Music-Only NFT Marketplace – on its website, www.BandRoyalty.com. The company’s NFT Series 1 had a successful pre-sale of more than $1 million, with just three NFTs selling for $200,000. Featuring a limited collection of unique art that celebrates the music industry and its diversity, the BAND NFTs available in Series 1 have a starting price of 1 ETH (approximately $2,900 as of May 20, 2021). The company plans to issue three more NFT series (https://ibn.fm/QmGxj).
After purchase, the NFTs can be staked in any of the three BAND Royalty Music Pools: publishing, mechanical or public performance and synchronization, allowing holders to receive a portion of royalties from each track for each royalty pool every time that track is performed by any artist. The company’s royalty pools cover an extensive catalog with tracks by some of the music industry’s most popular artists including Cher, Rihanna, Beyoncé, Jay-Z and more.
Creating the first decentralized finance model based on music royalties, the company is working continuously to expand its music royalty library collection, adding more top-tier artists and tracks to its portfolio, resulting in larger income streams for NFT holders.
BAND Royalty founders and blockchain experts Barnaby Andersun (BA) and Noble Drakoln (ND) discussed the company’s innovative business model and goals, as well as the rise of NFTs and future opportunities in this market during a recent appearance on The Dealmaker Show, hosted by Oren Klaff (https://ibn.fm/tdLHa).
During the show, Drakoln explained that the idea behind BAND’s NFTs was to teach people exactly how musicians make money and who else is involved in the process, as well as get fans connected with artists directly. “We can get Rihanna; we can get Demi Lovato songs… Jay-Z, Beyoncé… they’re artists, but they’re not the only artists on these songs. Producers made it; writers made it. There are so many different royalty streams… we can go ahead and acquire this music for eight years, 10 years, life of rights, at any given time. That’s how BAND Royalty started,” Drakoln said. “Hopefully, we’ll change things. The goal is to really get people talking and the artists talking and changing how fans interact with their favorite artists.”
As the first music industry disruptor that uses NFTs, BAND Royalty is uniquely positioned to capitalize on the NFT market’s impressive expansion. The entire cryptocurrency sector has been increasing exponentially in value and popularity, and is anticipated to reach an estimated $1.8 billion by 2027 (https://ibn.fm/hOxAD). Driven up by the explosion of NFTs and the growth of the decentralized finance market, Ether has become the second largest cryptocurrency worldwide following Bitcoin. NFT sales on the Ethereum network reached $2 billion in the first quarter of 2021, an impressive jump from the $94 million reported the previous quarter.
Andersun voiced confidence that NFTs are here to stay, changing the concept of digital asset and ownership for good. “While it looks like NFTs are these hot new items that everyone wants to get because they’re sexy and cool like a fad, well guess what – TV was a fad; telephone was a fad; most of all, the internet was a fad,” Andersun said. “Then, blockchain was a fad; bitcoin was a fad. It was never going to go anywhere. Nothing was going to happen. This is how people see things.” In reality, he said, people have been looking for ways to make non-fungible, tradable digital assets since the 1980s, and NFTs are finally a reliable solution.
According to Drakoln, NFT value will continue growing exponentially. “I believe, without a doubt, next year we’ll see a $100 billion year for NFTs… NFTs are very, very valuable, beyond what we’re imagining,” Drakoln said.
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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