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NFT Music Copyright Startup Royal Raises 6.31 billion Yen, Led by Andreessen Horowitz Crypto | Today Nation News

TechnologyNFT Music Copyright Startup Royal Raises 6.31 billion Yen,...

NFT (Non-Fungible Token) music copyright startup Royal has less than three months since it announced a $ 16 million seed round led by the Founders Fund and Paradigm. We have raised $ 55 million as a large-scale Series A from Crypto, the crypto asset investment division of Andreessen Horowitz (a16z, Andreessen Horowitz).

Royal will partner with musicians to allow users to purchase NFTs that represent the collective ownership of the artist’s work. The project involves EDM (electronic dance music) artist Justin Blau, who works under the name 3LAU, and JD Ross, co-founder of home-buying startup Opendoor. JD Ross) is in charge. Royal is a very early but promising attempt to apply NFT functionality outside the visual arts and gaming arena.

Last month, Blau distributed hundreds of NFTs through the platform, which owns 50% of the streaming rights to his latest songs. According to the startup, the secondary sale of those tokens has already been done for nearly $ 600,000, and the implicit valuation of the new single has reached $ 6 million. It is said that it is. Cryptocurrency-minded musicians like Mr. Blau have already raised millions of dollars from crypto asset holders who are trying to diversify their assets through NFTs, while at the same time the blockchain market. We are supporting projects that expand opportunities.

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Cross-border projects like Royal have to walk on the delicate boundaries of promotional activities in terms of complying with securities trading laws while providing opportunities to grow with artists.

The investment is led by Katie Haun, co-leader of a16z Crypto and director of Coinbase and the NFT marketplace OpenSea. Crypto has already built a deep relationship with Royal’s management, partly in support of Ross’ previous work on Opendoor. Nathan Jones, a former Andreessen Horowitz partner and head of the team’s Talent X Opportunity Fund, also joined Royal in September as Head of Growth.

Many music artists such as The Chainsmokers, Nas, Logic and Kygo participate in A16z Crypto. CAA and NEA’s Connect Ventures, Crush Music, Coinbase Ventures, Founders Fund and Paradigm also participated in this round.

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Image credit: Royal
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