Los Angeles (CoinChapter) – Entertainment and technology-based firm BAND Royalty announced. That it is launching a unique collection of music non-fungible tokens (NFTs) on OpenSea later this May.
BAND Royalty was founded by Barnaby Andersun and Noble Drakoln. Both of whom have vast experience in the fields of blockchain and music royalty investing.
The NFTs will be hosted on the Ethereum blockchain and allow fans to earn royalties from some of the industry’s biggest artists. The category of music being offered includes hits from the likes of Beyoncé, Jay-Z, Rihanna, Justin Timberlake and many more.
Fans that secure a BAND NFT will receive a stake in half of the royalties earned from the BAND Royalty music pools, which features over 50 tracks. The owners of BAND NFTs will profit whenever someone listens to a track from the catalog of songs.
The BAND NFTs will be offered on OpenSea, which is the largest NFT marketplace in the world. Capitalizing on the recent surge in interest in NFTs, the platform reportedly generated more than $86 million this past February.
NFTs were first introduced in late 2017 with the breakout CryptoKitties series. Less than a year later, OpenSea was launched, creating a safe platform for anyone to buy and trade digital collectibles.
BAND Royalty’s goal is to increase exposure of royalties to music lovers all over the world. The firm specifically chose to host its NFTs on the Ethereum blockchain because it is the most popular NFT protocol.
What separates BAND Royalty’s NFTs from the rest of the sector is that they can be staked into any one of the three music pools. Publishing, mechanical/public performance and synchronization. This enables BAND NFT stakers to receive a portion of the music royalty rights from each track.
BAND Royalty NFTs will be available starting May 5
Will officially be available to fans beginning on May 5. After becoming a holder of BAND NFTs. The owner will have the option to stake their BAND NFT tokens for a period from 90 days up to five years. The longer the holder stakes their BAND NFTs, the bigger share of the royalties they will receive.
BAND Royalty intends to limit the Non-Fungible-Tokens to only 3,000 in this launch, while progressively increasing to 12,000 in subsequent launches.
Those lucky enough to secure BAND NFTs will be able to earn crypto from both BAND NFT trades on OpenSea and also from the BAND music catalog revenue.