In another sign of how blockchain is changing the music industry, three-time Grammy winner Diplo will release his single “Don’t Forget My Love” next Tuesday on Royal, a site that lets artists sell tokens that give fans an ownership right in their songs.
Diplo joins hip-hop star Nas and two independent musicians who have issued tokens on Royal, which was founded by the celebrity DJ 3LAU as a way for artists to use blockchain to create new relationships to their fans and, of course, tap into crypto-based revenue streams.
Diplo will release Don’t Forget My Love, the first single from his recently released self-titled album on Royal, on Tuesday, March 29 at 6pm ET / 3pm PT.
According to 3LAU, “fans will be able to own rights” in Diplo’s music by buying so-called Limited Digital Assets (LDAs). 3LAU, says that these LDAs are “tokens with music rights embedded in them”.
In addition to getting a share the royalties earned from streaming for the track, token owners also get access to exclusive content and other benefits, which vary based on the tier they purchase.
Platinum tokens, of which just 100 will be sold, give buyers “0.05% streaming royalty rights ownership” for $999. Extras included in the purchase of a Platinum token include All Gold extras, plus an exclusive DJ mix and “first dibs on the next Diplo drop on Royal”.
Finally, the Diamond tier gives buyers “0.7% streaming royalty rights ownership”. There are just 10 Diamond tokens available and they cost $9,999.
Extras included when you buy one these Platinum tokens include All Gold and Platinum extras, plus access to Diplo’s guest list at a show of the buyer’s choice, including a meet and greet with Diplo, as well as “first dibs on all future Diplo drops on Royal”.
Royal’s releases follow the company’s $55 million funding round in November, which attracted funding from artists like The Chainsmokers, Nas, Logic, Stefflon Don, Kygo, Joyner Lucas and Disclosure.
All of this comes as Royal, which has raised over $70 million from investors who include Nas and The Chainsmokers, tries to establish itself as a flagship brand in the fast-emerging world of tokenized music. Competitors include another startup called Catalog and one called Sound that caters to undiscovered artists.
There is also the question of whether Royal is too dependent on conventional Web 2.0 streaming platforms like Spotify, and might be superseded by the Web3 music service Audius. According to Blau, such criticism is misguided as he believes that the current streaming model is hear to stay and that fans are unlikely to use crypto wallets to listen to music.
As for the new Diplo single, it will drop at 6pm on Tuesday on Royal. Those looking to buy tokens can do so by using the Polygon network on MetaMask or simply by using a credit card.
