3LAU's NFT marketplace has received another major cash injection.
Just months after investing $ 16 million, Royal has announced a $ 55 million financing round led by Andreessen Horowitz's a16z crypto fund. The Chainsmokers, Logic, Kygo, Nas, CAA, Crush Music, Coinbase Ventures, Founders Fund, Connect Ventures from NEA and Paradigm reportedly participated.
"The value of music ownership is heavily misrepresented and undervalued today, but it won't be long now as more and more musicians embrace the web3 ecosystem," 3LAU recently wrote in a blog post.
Royal is a marketplace for musicians that enables them to sell royalties from their songs to fans. 3LAU recently gave away 50% of the streaming rights to its latest song "Worst Case" via Royal. Those stocks have since been resold for $ 600,000 and have reportedly given the single a valuation of $ 6 million.
"I always tell people that artist popularity depends entirely on the fans and the listeners, not the companies and distributors," 3LAU said in a statement. “When the fans like the music, they share it, they go to the shows, they are fully responsible for increasing an artist's popularity.
Earlier this year, 3LAU broke records by selling a limited-edition collection of NFTs for $ 3,666,666 on its first tokenized album sale.
Find out more about Royal here.