DJ 3LAU Raises $16M for NFT-based Music Platform Royal
Justin Blau, better known by his DJ name 3LAU is an electronic dance music artist and producer, announced the launch of music investment platform Royal with $16 million in seed funding.
He wants to enable fans to earn money alongside their favorite artists, establishing music as an investible asset class.
3LAU is announcing the launch of music investment platform Royal with $16 million in seed funding led by Peter Thiel’s Founders Fund and Paradigm, a crypto-focused investment firm founded by Fred Ehrsam, co-founder of Coinbase, and former Sequoia Capital partner Matt Huang.
Founded by Blau and his college friend JD Ross, entrepreneur and general partner at San Francisco-based venture studio Atomic, Royal aims to democratize access to music ownership by letting users not only invest in but also own rights to their favorite songs and albums through limited edition, autographed digital assets recorded on a to-be-decided blockchain. This will allow fans to earn royalties alongside artists as their music increases in popularity.
“I always tell people that artists’ popularity is completely dependent on the fans and the listeners, not the companies and the distributors. If the fans like the music, they share it, they go to the shows, they’re fully responsible for augmenting an artist’s popularity,” says Blau. “So why shouldn’t those participants achieve upside for believing in someone early?”
