BAND Royalty, a new music NFT platform, just launched a pre-sale on OpenSea of its first music art NFT collectibles, the BAND NFTs Series 1. Within hours the platform sold three BAND Diamond Album NFTs for a combined 60 ETH (around $200k USD at the time of writing), and a combined private pre-sale approaching $1 million USD.
BAND NFTs are a limited collection of unique artwork celebrating the music industry and its diversity, and there will only be a total of 12,000 music art NFTs released in four phases. The great thing about these NFTs is that they offer what everyone in the space is currently talking about – utility. Not only do they come with stunning 3D art, but they also offer the potential to generate music royalties from a growing list of top songs on the BAND Royalty music catalog that includes platinum and gold tracks.
Holders will supposedly be able to stake their BAND NFTs into various BAND Royalty music pools of songs and artists, and generate a music income stream. The platform’s impressive music royalty catalog includes artists such as Rihanna, Timbaland, Cher, Missy Elliot, as well as Beyonce, Jay-Z and Justin Timberlake, and many others. The platform will also eventually introduce Band TOKENS and launch a new platform for musicians and fans to interact through NFTs.
Its still very early days for this project yet, but they’ve gotten off to a great start. Certainly one to keep an eye on.
Learn more about BAND Royalty and sign up for the next NFT drop here.
Image credit: via BAND Royalty
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Ivelina is an NFT and Blockchain lover. She has a knack for putting complex concepts into simple words.