NetworkNewsWire
Editorial Coverage: Bitcoin and non-fungible tokens ("NFTs")
stocks are moving mostly in lockstep, not because the two are the
same, but because they are new technologies and emerging markets
that speak loudly to the digital revolution. In fact, outside
sharing blockchain technology as the decentralized digital ledger
storing data for security and authentication, bitcoin and NFT are
quite distinct. By definition, NFTs are not interchangeable with
other tokens (hence the term “non-fungible”), whereas a Bitcoin can
be equally traded for any other Bitcoin without distinction. While
Bitcoin will only be a digital currency, NFTs are more versatile as
they can represent anything digital. That includes rights to music
royalties, as is the business model of music DeFi pioneer
BAND Royalty (Profile), whose innovation involves
structuring NFTs as an access point to a number of different
royalties from its constantly growing library of soundtracks. Other
common threads between cryptocurrencies and NFTs will keep
investments moving in unison, which is important to heavy hitters
in the Bitcoin market, including MicroStrategy Incorporated (NASDAQ:
MSTR), Square
Inc. (Class A) (NYSE: SQ), and Grayscale Bitcoin Trust (OTCQX:
GBTC), as well online art trading platform Oriental
Culture Holding Ltd. (NASDAQ: OCG), one of the most
talked about NFT-related stocks.
- During Q1 2021, sales of NFTs skyrocketed to more than $2
billion compared to $93 million in Q4 2020.
- BAND Royalty is developing robust music royalty ecosystem that
provides opportunity to invest in market like never before.
- Company has impressive portfolio of rights to royalties for
tracks from superstars such as Justin Timberlake, Beyonce, Jay-Z
and more.
- Once BAND’s NFT is staked, NFT holders have four different
pathways to access music royalties.
Click here to view
the custom infographic of the BAND Royalty
editorial.
Where Bitcoin Goes, NFTs Will Follow
So why do NFTs move along with Bitcoin when so differentiated
from the quintessential cryptocurrency? It’s not just because of
FOMO (fear of missing out), because NFTs started exploding on the
scene this year headlined by Christie’s auctioning a collection
of Beeple’s digital artwork for $69.3 million in March. Apropos,
not counting the Beeple auction or nearly half a billion dollars in
sales of NBA video highlights known as NBA Top Shots, NFT sales
exceeded $2 billion in Q1 2021, up 20x from $93 million in Q4
2020.
It is also because NFTs are part of the complex encryption
network of the Ethereum ("ETH") blockchain and often paid for in
cryptocurrency. With pricing in ETH, there is a case to be made
that NFT’s value can fluctuate with the crypto, although those that
see NFTs like a collectible as a store of value would disagree.
Much like Bitcoin and other cryptocurrencies, NFTs can be held,
sold or traded, so their value fluctuates based on what the market
indicates on any given day.
To date, the collectible space has been the primary attention
draw, but the breadth of the market is starting to push through,
including the music industry joining the mix. On March 12, Music
Business Worldwide reported that NFTs grossed $35
million for the music industry in the last 30 days, including
Mike Shinoda from Linkoln Park raking in $30,000-plus with his new
single “Happy Endings” and Kings of Leon making history by
releasing its new album with special perks as an NFT. BAND Royalty
joined the throng, conducting a limited private
sale of its music NFTs, selling its three top NFTs for more
than $200,000 and resulting in combined NFT presales of more than
$700,000.
BAND Royalty is
groundbreaking in establishing a new NFT paradigm within the music
industry. The company is democratizing music royalties by creating
new opportunities to participate in a valuable asset class that’s
stabilized after years of decline with the advent of music
streaming. The company has already amassed an impressive library of
rights to royalties for tracks from popular artists such as Justin
Timberlake, Beyonce, Jay-Z, Cher, Rihanna, Demi Lovato, Timbaland,
Missy Elliott and more.
There is also a unique collection component to owning a BAND
NFT. The company has commissioned leading artists to create
distinctive 3D artwork for each of the strictly limited-edition
BAND NFTs. With musician-facing foresight, BAND intends to dedicate
part of its platform to serve as a launchpad for new talent.
The Intersection of Blockchain and Music
Royalties
“BAND” is more clever than just a name indicative of the
industry of corporate focus. It is also taken from the initials of
the company’s founders, Barnaby Andersun (BA) + (ND) Noble Drakoln,
two highly sought after KOL’s in blockchain. Andersun doubles as
the CEO of blockchain, ecommerce and digital design consulting firm
BlockAlchemy in addition to public speaking gigs where he educates
and advocates for blockchain, including speaking at the World
Economic Forum in Davos and Harvard University on the subject.
Drakoln has an impressive C.V. also, serving as CEO of AR/XR
game designer WarePlay Games as well as being a best-selling author
and contributor to mainstream media outlets such as Forbes, Fox
Business News and Bloomberg. Directly to the point of BAND, Drakoln
has spent decades investing in the music royalty space, getting a
deep understanding of how to prosper in the business, while
building an extensive insider network that he brings to the
company.
A First for Retail Investors
As it stands right now, retail investors wanting exposure to the
music industry don’t have many options. They can either buy stock
in a public music label, invest in funds that buy and sell music
royalties, or pursue royalties themselves through websites that
auction royalty rights, which typically are beyond the price range
of an average person. In what many perceive as a ground-floor
opportunity, BAND Royalty is changing the landscape — not to
mention making it more exciting — by making it accessible for
retail investors to participate by owning NFTs.
Earlier this month following its private sale of music NFTs,
which generated almost
$1 million, BAND launched its NFT sales platform on its
website, creating the first music NFT-only platform. This was
accomplished by opening access to the first series of 3,000 BAND
NFTs on its platform, staggering the release based on rarity. The
company’s plan is to keep the NFT count tight, much like other
popular NFT projects such as CryptoPunks and Hashmasks, both of
which have had secondary market
sales in the millions of dollars. The long-term intention is to
have a maximum of 12,000 BAND NFTs across four different series to
be released over the next 18 months.
Upon purchasing a BAND NFT, an investor can trade it or hold it
just like any other cryptocurrency or they can “stake” it following
BAND KYC protocols. Staking means that the investor has a chance to
participate in the revenues from one of three music royalty pools:
print music royalties, mechanical and public performance royalties,
or synchronization royalties, most likely with their share being
paid out in the upcoming BAND token. Staking can be for different
time periods ranging from 90 days up to five years.
This Chart-Topper Just Started Playing
As explained by
Andersun on “The Nifty Show” podcast, the vision of the company
is starting to be realized. The first series of NFTs are now
launched, and the requisite smart contracts that facilitate staking
are expected to be completed this quarter. Staking transactions are
a milestone for the company as the catalyst for revenues. The goal
is to allow BAND NFT stakers the ability to share in different
streams of income, including 50% from all BAND royalty music
catalog revenue, a percentage from any auctions of single BAND
music tracks sold, 5% on any BAND NFTs traded in the secondary
market on OpenSea (or the BAND platform) and 5% from re-selling of
music royalties on the BAND platform.
The strategy includes assembling a robust music royalty
ecosystem, complete with a launchpad for emerging artists.
Currently, musicians are at the mercy of long-held standards of the
music industry, a process that BAND intends to demonstrably disrupt
with a new platform that provides artists with creative ways to
earn and keep royalties, while better connecting with fans.
Upending the Norm
The music industry has been looking for a paradigm shift back in
favor of artists ever since internet and streaming music rang a
death knell for terrestrial radio. The irony is that where
technology once put artists in a hurt locker, it now may pave the
pathway to prosperity once again with blockchain and NFTs. These
high-tech methods may capture all the top players spanning the
entire breadth of music, crypto and blockchain domains looking for
new methods of monetization to enhance revenue streams.
MicroStrategy
Incorporated (NASDAQ: MSTR) is the largest independent
publicly traded business intelligence company, but it is far better
known for its policy of aggressively buying Bitcoin, led by CEO and
Bitcoin bull Michael Saylor. During the first quarter of 2021,
MicrosStrategy acquired about 20,857 Bitcoins for $1.086 billion at
an average price of $52,087. As of the end of March, the company
holds approximately 91,326 Bitcoins at an aggregate cost of
$2.21
billion with an average purchase price of $24,214 per Bitcoin,
including all fees and expenses.
Square Inc.
(Class A) (NYSE: SQ) is a world-class financial
services company, with an entrepreneurial goliath in Jack Dorsey as
its founder and CEO. Square has invested millions of
dollars buying Bitcoin and makes it possible for customers to
buy/sell Bitcoin as well as accept fractional payments in the
crypto. In March, Dorsey actioned off a digital version of his
first-ever tweet as an NFT, which brought in more than $2.9
million. At approximately the same time, Square was investing
$297 million in cash
and stock for an unspecified majority stake in TIDAL, the
global music and entertainment platform founded by Jay-Z. There has
been no shortfall of speculation by music and blockchain pundits
that NFTs will enter the picture with this new marriage.
Grayscale Bitcoin Trust (OTCQX: GBTC)
operates the largest Bitcoin and Ethereum investment funds in the
world and were the first to bring a digital currency investment
product to the public market. The company has made it perfectly
clear that management is “100%
committed to converting GBTC into an ETF (exchange traded
fund).” Today, Grayscale Bitcoin Trust remains one of only two
crypto funds in the world with the distinction of being an
SEC-reporting company. The other fund, perhaps unsurprisingly, is
the Grayscale Ethereum Trust.
Oriental
Culture Holding Ltd. (NASDAQ: OCG) is an online
artwork marketplace founded in 2018 that went public on the NASDAQ
exchange in December, raising $20.3 million, twice as much money as
it had originally applied for in November 2019. Shares were
originally priced at $4, opened at $6.25 and then went as high as
$25.85 on the third day of trading. A play largely underscored by
speculation that OCG can parlay its platform into one using
blockchain or NFTs, the stock has been highly volatile, currently
trading back down around its $4 IPO price after being as high as
$17 per share in March.
NFTs aren’t exactly new; they’ve been around for years. However,
their popularity defines them this time as a technology that has
staying power to digitalize and democratize essentially just about
anything. Being relatively nascent, speculation abounds, but most
know how things have gone for cryptocurrencies, and with investors
having a better understanding of blockchain today, there isn’t
going to be nearly the learning curve for NFTs as the segments move
in tandem.
For more information about BAND Royalty, please visit BAND
Royalty.
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