It’s no secret that non-fungible tokens (NFTs) have disrupted the music industry. These tokens are an incredible innovation, and they’ve brought a paradigm shift to how we view the space entirely.
The music industry has long been searching for something new. However, innovations have been slow to catch up. The primary reason for this is that the current landscape makes it challenging to innovate.
Today, several parties have to come together to make music happen. So, before you hear a track that you like, it must have gone through several parties. And all of these parties look forward to getting their incomes from the entire process. So, everyone gets paid.
Any innovation that wants to break into the music space will need to address that problem. Also, it should offer artists an opportunity to break through the current barriers. Several projects have attempted to, so far. However, BAND Royalty seems to have the highest chance of success.
What is BAND Royalty?
BAND Royalty is a new and innovative platform that looks to disrupt the music industry using NFTs. The service is highly effective, and it has already started to gain traction.
The vision behind BAND Royalty is simple: it is looking to bring blockchain governance to music. Today, blockchain platforms operate a governance model based on Proof-of-Stake technology. Essentially, people stake their cryptocurrencies and can get a say in how the platform itself operates. It’s an elegant implementation that has a lot of upsides.
BAND Royalty is now looking to bring this to music. It allows users to stake their BAND NFTs so they can collaborate with artists and other players.
There are two primary benefits from this system:
- Fans get to engage directly with artists and others involved in music-making.
- Fans get to clearly understand how the music industry works.
The Journey So Far
To kickstart the project, BAND Royalty’s founders bought a performance rights music catalog. Currently, the catalog includes artists like Rihanna, Justin Timberlake, Missy Elliott, and even Jay-Z. And from there, BAND’s founders have launched several NFTs that can mine governance tokens in turn.
With its governance mechanism, BAND Royalty allows users to have a say in project development. Fans can engage with their favorite artists on projects, and artists can get reviews as they work.
Of course, BAND Royalty doesn’t cut everyone out of the process. Producers, songwriters, and many more can also join in the loop. At the end of the day, the goal is to create a wholesome experience where everyone enjoys the music experience. Everyone can be a part of the creative process, so BAND Royalty brings an all-inclusive approach.
Currently, joining BAND Royalty is very simple, and the platform offers 8 rarity levels to its NFTS. So, users who get the rarest NFTs will also be able to access more staking opportunities and the ability to mine more governance tokens.
This brings us to the third benefit that BAND Royalty offers – earning. The platform ensures that you don’t just listen to your favorite tracks – you can also earn from them.
The earning potential is tied with the goal of making fans music moguls themselves. Music executives earn for their work, and the users of BAND Royalty will do the same. So beyond spending hours engaging with your favorite artists, now you can make money as well. It’s an inclusive experience that should get anyone excited.
The Peak of Fandom
Ultimately, BAND Royalty offers a Music Mogul Club for the most committed users. Under this program, members will be able to enjoy several benefits. These include:
- Tickets to concerts at discount prices
- Access to exclusive performances and concerts
- Access to backstage passes and more
- Exclusive prize draws
- Unique merchandise from artists and the platform
All of these are available to the most committed members. Additionally, the first 2,100 Music Mogul Club NFT buyers will be able to gain additional benefits.
Growth On the Way
Currently, BAND Royalty remains limited. The service just launched, and its catalog is still expanding. This remains their most valuable asset and enlarging it will help them to bring in more people.
As always, the most valuable thing is the music. Fans want to listen to their favorite tracks and interact with their best artists. So, BAND Royalty is now focusing more on bringing in more music and artists. The vision is to create an ecosystem where everyone in the music industry benefits. Nevertheless, the platform will also need to achieve a critical mass of users for that to happen.
For now, the creators of BAND Royalty can be proud of what they’ve built. The platform is an incredible innovation. It has plenty of potentials to change the music landscape as we know it. The vision is clear: music should pay everyone. And BAND Royalty is looking to bring that vision to life.