It’s no secret that non-fungible tokens (NFTs) have revolutionized the music industry. These tokens are an incredible innovation and have brought a paradigm shift in the way we view space as a whole.
The music industry has long been searching for something new. However, innovations have been slow to catch up. The main reason for this is that the current landscape makes innovation difficult.
Today, various parties have to come together to make music come true. So before listening to a track that you like, it must have gone through several parts. And all these parties hope to earn their income from the whole process. So everyone gets paid.
Any innovation that wants to break into the music space will need to address that problem. In addition, it should offer artists the opportunity to break down current barriers. Several projects have tried, so far. However, BAND Royalty appears to have the highest chance of success.
What is BAND Royalty?
BAND Royalty is a new and innovative platform that seeks to revolutionize the music industry using NFT. The service is very effective and has already started to gain ground.
The vision behind BAND Royalty is simple: it seeks to bring blockchain governance to music. Today, blockchain platforms operate a governance model based on Proof-of-Stake technology. Essentially, people are betting on their cryptocurrencies and can have a say in how the platform works. It is an elegant implementation that has many advantages.
BAND Royalty is now looking to bring this to music. It allows users to stake their BAND NFT so they can collaborate with artists and other players.
There are two main benefits of this system:
- Fans can interact directly with artists and others involved in music creation.
- Fans can clearly understand how the music industry works.
The journey so far
To launch the project, the founders of BAND Royalty purchased a music catalog with performance rights. Currently, the catalog includes artists such as Rihanna, Justin Timberlake, Missy Elliott, and even Jay-Z. And from there, the founders of BAND have launched various NFTs that can mine governance tokens in turn.
With its governance mechanism, BAND Royalty allows users to have a say in the development of projects. Fans can interact with their favorite artists on projects, and artists can get reviews as they work.
Of course, BAND Royalty doesn’t exclude everyone from the process. Producers, songwriters, and many more can join the circuit as well. At the end of the day, the goal is to create a healthy experience where everyone enjoys the musical experience. Everyone can be part of the creative process, which is why BAND Royalty offers a comprehensive approach.
Currently joining BAND Royalty is very simple and the platform offers 8 levels of rarity to its NFTS. So users who get the rarer NFTs will also be able to access more engagement opportunities and the ability to mine more governance tokens.
This brings us to the third benefit that BAND Royalty offers: profit. The platform ensures that you not only listen to your favorite tracks, but you can also make money from them.
Earning potential is tied to the goal of turning fans into music moguls. Music executives earn for their work and BAND Royalty users will do the same. So beyond spending hours interacting with your favorite artists, you can now earn money too. It’s an inclusive experience that should excite anyone.
The top of the fandom
In short, BAND Royalty offers a Music Mogul Club for the most committed users. Under this program, members will be able to enjoy various benefits. These include:
- Concert tickets at discounted prices
- Access to exclusive performances and concerts
- Access to behind-the-scenes passes and more
- Exclusive prize draws
- Unique merchandise from the artists and platform.
All of these are available to the most committed members. Plus, the first 2,100 Music Mogul Club NFT buyers will be able to earn additional benefits.
Growth on the way
Currently, BAND Royalty remains limited. The service has just launched and its catalog is still expanding. This is still your most valuable asset and expanding it will help you attract more people.
As always, the most valuable thing is 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 in which all members of the music industry benefit. However, the platform will also need to reach a critical mass of users for that to happen.
For now, the creators of BAND Royalty can be proud of what they have built. The platform is an incredible innovation. It has many possibilities 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.