According to a report from Decrypt, the NFT music platform Royal has completed $55 million in financing. The round saw supports from Andreessen Horowitz (A16z), Coinbase Ventures, Paradigm, famous musicians like The Chainsmokers, Nas, Logic, and Kygo also participated in the round. 

Royal was launched in July and completed a $16 million seed round of financing. The platform aims to help artists create and sell NFTs. Fans can invest in artists’ works on Royal and receive royalties in return. Royal stated that it will welcome more artists to the platform, and plans to allow fans to select 1,000 songs for investment by next year.

By Mary Liu