3LAU-backed platform Royal crashes during first music NFT drop, mint delayed
January 12, 2022, 5:03PM EST
1 min read
Royal, a non-fungible token (NFT) platform from the American music producer 3LAU (pronounced “Blau”), crashed after its first mint drop.
The mint was supposed to start on January 11 at 1:00 p.m ET and include music NFTs from the Grammy award-winning rap star Nas but crashed a minute into the drop due to heightened user demand on their servers, the platform explained on Twitter.
Royal has now delayed the mint to start on January 20 at 1:00 p.m. ET. A total of 760 tokens at three price tiers — Gold, Platinum and Diamond — will be offered at launch.
For the Nas music NFT drop, Nas maintains 50% of the royalties for every NFT sale. Those who buy one of the 500 Gold tokens will receive 7% from royalties on every resale, with the 250 Platinum token holders and 10 Diamond holders each earning 21% from royalties.
In November, Royal received $55 million in Series A funding led by the venture capital firm a16z. The platform aims to give music artists a way to maintain and share ownership over their work with fans through NFTs.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.