Nas unveils a new kind of music which is designed to be streamed in exchange for cryptocurrency. The idea has been met with mixed reviews from the industry and fans alike, but Nas says he wants to see where this will go.
The “royal nft” is a NFT that gives fans streaming rights to Nas’ songs. The coins are currently being sold on the Royal Kingdom Exchange.
Nas has teamed up with Royal, a blockchain-based music investment platform, to offer fans the chance to stream his songs ‘Ultra Black’ and ‘Rare,’ which are from his ‘Kings Disease’ and ‘Kings Disease II’ albums. The Queens rapper will become the first-ever artist to allow fans to invest in his music on the NFT platform as part of the groundbreaking arrangement.
On January 11th, fans will be able to invest in Nas’ music via Royal’s website, which will release a limited number of ‘limited digital assets,’ which are an extended version of an NFT. Fans may purchase limited digital assets for each music in the form of ‘Gold,’ ‘Platinum,’ and ‘Diamond’ digital tokens, and will earn a part of royalties every time the track is streamed. Nas will surrender 50% of his streaming rights for each song in total.
The most costly and prestigious token tier is ‘Diamond,’ while the least expensive and prestigious is ‘Gold.’ The royalty portion that owners earn in each track rises in tandem with the tier token’s prestige, whereas the quantity of each token falls as its prestige rises. Each single will have just 10 ‘Diamond’ tokens available, which will include two VIP concert tickets, special autographed vinyl, a video discussion with Hit-Boy, as well as all of the ‘Gold’ and ‘Platinum’ bonuses.
The marketing approach has already been proved effective, according to Royal CEO and deep house musician Justin ‘3LAU’ Blau, who handed away 333 limited digital assets representing 50% of streaming rights to his track ‘Worst Case’ in October. According to reports, the music now has an estimated worth of $12 million, with fans owning half of it.
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The “royal platform” is a new cryptocurrency that was created by Nas. The currency will give fans streaming rights to his songs.
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