In a groundbreaking collaboration, Nas, the renowned rapper and entrepreneur, partnered with the music NFT platform Royal, co-founded by musician and producer 3LAU (Justin Blau) and JD Ross. This partnership marked a significant moment in the music industry, blending the realms of cryptocurrency, music rights, and fan engagement in an innovative way.
The NFT drop, which went live on January 11, 2022, on Royal’s platform, offered something unique: streaming royalty rights to two of Nas’s tracks, “Ultra Black” and “Rare.” These tracks are from his Grammy Award-winning album “King’s Disease” and the Grammy-nominated follow-up “King’s Disease II,” respectively. The move was a significant leap towards democratizing music ownership, enabling fans to directly invest in and reap the benefits of the songs’ streaming royalties.
The NFTs were categorized into three tiers: Gold, Platinum, and Diamond, each offering different percentages of streaming royalty ownership at various price points. For instance, the Gold tier provided 0.0143% streaming royalty ownership for $50, while the Diamond tier offered a substantial 2.14% for $4,999. In total, 760 tokens were available for “Ultra Black,” with a similar structure for “Rare.”
This initiative by Royal and Nas is more than just a financial transaction. It represents a shift in how artists connect with their fans and how music ownership is perceived in the digital age. By offering a share in the streaming royalties through NFTs, it empowers fans to have a more tangible stake in the music they love, creating a deeper bond between the artist and the audience.
Nas’s venture into NFTs isn’t his first foray into the crypto world. He previously invested in Coinbase, a leading cryptocurrency exchange platform, showcasing his keen interest in and support for the integration of technology and music.
The success of this collaboration between Nas and Royal is a testament to the potential of NFTs in reshaping the music industry. It highlights how NFTs can be used as a tool to democratize music ownership, offering fans a new way to engage with and support their favorite artists. This partnership sets a precedent for other artists and platforms, paving the way for further innovation in the intersection of music, technology, and finance.
