Nas is offering the public a rare chance to get in on the royalty rights to two of his tracks. The rapper has partnered with Royal to announce that 50% of the streaming royalty rights to “Ultra Black” and “Rare” will be going for sale. The rights will come in the form of an NFT.
Nas said he is always looking for new ways to connect with people. Allowing ownership of part of two of his songs is his way of giving his music back. Nas feels that his own wealth is all thanks to the fans. Now he wants them to be a part of it. According to The Street, Nas is extremely excited about the endeavor.
“As a musician, my success is driven completely by my listeners. My livelihood is based on how much my fans support my music. Right now, my listeners aren’t compensated at all for that interaction. Humans are deeply connected to music, but in today’s digital-first world, it’s impossible to actually own and collect it at the scale we consume it.
Historically, ownership of music royalties, streaming included, has been exclusively available to labels, hedge funds, and private equity firms as a portfolio asset. Royal is changing that by turning music into an investment asset available to everyone.”
Fans who are interested in owning a piece of the two tracks can sign up online. The NFTs will be available on a first come, first served basis. Interested shoppers can pay with traditional currency or crypto. Nas is following in the footsteps of other creators like Quentin Tarantino who have entered the NFT market.
Nas will split the royalty rights up into different tiers. There will be about 2,000 different “tokens” which will each give the owner royalties to the portion of the rights they purchase. Nas is hoping this new endeavor will give his fans an opportunity to share in his massive success.
Would you buy a part of the royalty rights to these Nas songs? Share your take in the comments!