Electronic dance music producer and DJ Justin Blau has reportedly revealed the official details regarding the freshly rolled out blockchain-powered music investment platform Royal.

Specifically, Justin Blau – generally referred to by his stage name 3LAU – reportedly formed Royal with the help of his college friend JD Ross. The platform primarily looks to support fractional music ownership, via Royal’s own version of nonfungible tokens (NFTs), also known as limited digital assets.

The development reportedly surfaced together with news of a successfully acquired $16 million via a seed funding round, led by crypto-centric investment entity Paradigm and Peter Thiel’s Founders Fund. 

The venture reportedly has a particular goal of enabling access democratization to music lovers, via not only supporting investments, but also having ownerships of rights to their favorite songs and albums, via limited editions recorded on a blockchain network. 

Per the creators of the initiatives, the development would reportedly facilitate the money generating process for fans alongside their favorite artists as their music becomes more and more popular. 

3LAU and JD Ross have not been able to select the blockchain platform that will handle the responsibility of being the basis for the Royal platform. 

“I always tell people that artists’ popularity is completely dependent on the fans and the listeners, not the companies and the distributors. If the fans like the music, they share it, they go to the shows, they’re fully responsible for augmenting an artist’s popularity,” 3LAU additionally remarked regarding the goal of the new platform to assist early music projects, via facilitating fan investments.