Traditionally, royalties from music streaming have been exclusive to artists and record labels, but the NFT space is changing that. Nasir Jones, better known as Nas, is allowing the public to earn royalties from his songs through the Royal platform. Many have been skeptical about NFTs and have questioned their value. Here is how to buy Nas NFT.
The unique NFT drop will occur on January 11 in two moments. Royal, powered by Polygon, is a unique platform that offers digital assets from music artists. These NFTs offer royalties to whoever owns them.
Nas has been inverted in the cryptographic space
Jones, one of Coinbase’s early investors in 2013, has been more of a cryptocurrency fan than many. The businessman is estimated to have at least $100 million worth of Coinbase stock. He also invested early in Royal, Lyft, Dropbox, FanDuel, and Ring.
The artist has referred to cryptocurrencies and his love for them in several songs. He has also been helping to educate other musical artists about cryptocurrency and the blockchain space. It is not clear which coins Nas owns, but he is considered to have an impressive portfolio of cryptocurrency investments.
The musical artist was one of Royal’s initial investors.
Released in October 2021, Royal has also received early investment from the likes of Joyner Lucas, Logic, and The Chainsmokers. The musicians participated in a Series A funding round that raised $55 million. Building a close relationship with Royal co-founders JD Ross and Justin Blau, Jones will be the second artist on the platform to have an NFT collection of music rights. Blau, also known as 3Lau, was the first artist to have this type of NFT collection.
How do NFTs work with NFT royalties?
In the case of Royal NFTs, artists sell royalty ownership of their songs through a digital asset. Those who purchase these types of digital collectibles will earn royalties from the included song. The NFT can also have other special benefits, such as exclusive products or a meeting with the artist. While the percentage of royalties these NFT holders will receive may be very small, it’s still a great way for fans to get involved in the space and another way for artists to earn money.
Gary Vaynerchuk was one of the first people to publicly emphasize how NFTs can change the music industry. In a 2021 interview, he expressed that instead of relying on record labels, music artists could sell albums like NFT and let fans collect some royalties (while the artist gets the majority).
However, NFT projects like these would be difficult for many artists, since most of today’s top musicians are signed to a record label. Also, most artists signed to labels do not own the rights to the music they have created.
How to buy Nas NFTs
Nas will release two types of NFTs, each at a different time on January 11. An NFT collection will offer royalties to the artist’s song “Ultra Black” from his Grammy Award-winning album King’s Disease. The other collection will offer royalties from his song “Rare,” which is found on King’s Disease II. The Ultra Black Collection will drop at 1 p.m. ET, while the Rare Collection will drop at 9 p.m. ET.
There will be 760 Ultra Black NFTs in total available, which equates to 50 percent ownership of the song. There are three levels of the collection: gold, platinum and diamond. There are 500 gold tokens offering 0.0143 percent ownership, 250 gold tokens offering 0.0857 percent, and 10 gold tokens offering 2.14 percent.
In total, 1,110 rare NFTs will be available in one setting for the other collection. The gold tier will offer 700 tokens comprising 0.0133 percent ownership, 400 platinum tokens offering 0.0658 percent ownership, and 10 diamond tokens offering 1.5789 percent ownership. Those interested in the release can visit royal.io and use a credit card or MetaMask wallet to purchase a collectible.