Music is one of the prominent spaces where NFTs have managed to make a mark. The world-renowned rapper, Nas, has made his debut in the digital world by releasing his first NFT collection. Nas dropped the NFT collection along with 3LAU on Royal as the platform. Royal.io also commenced its first-ever live sale of NFT with Nas’ NFT collection.
The NFT collection consisted of two of Nas’ tracks, “Ultra Black” and “Rare”. The former is a single from his Grammy-winning album King’s Disease and the latter is a single from his 2022 Grammy-nominated album King’s Disease II. The NFT collection altogether consisted of 1,870 NFTs and the song NFTs was released on 11th January, “Ultra Black” at 1 pm EST and “Rare” at 9 pm EST. Among the 1870 NFTs, 760 were of “Ultra Black” and 1110 were “Rare”. The collection grossed over $560K in total revenue. In addition to it, it has risen in the secondary market has risen significantly, and currently, both collections have a trading volume of 426 ETH altogether at the time of writing.
Both the songs which were released as NFTs were first made available through Nas’ independent label Mass Appeal and now provide collectors with streaming royalty ownership as Limited Digital Assets or LDAs. The owners of the song NFTs are entitled to a definite amount of the song’s streaming royalties. The amount of royalties depends upon the NFT you have as there are tiers. So the higher tier you possess, the higher the royalty percentage.
There are three tiers of NFTs in the collection. Gold, Platinum, and Diamond. The tiers not only provide royalties but with some other utilities or benefits as well to the owner. The price also varies with the tiers.
Nas NFT price
At the initial launch of the Nas NFT songs, the prices revolved around what we would say was kind of affordable. Summing it up with the royalties attached to it, it comes as a great investment. As it has streaming royalties attached to it, getting one is highly beneficial.
There are three tiers of both the “Ultra Black” and “Rare” song NFTs. The higher the tier the higher the price. Although, with a higher price comes to a higher percentage of streaming royalties. Now let’s go over the Nas NFT price.
Ultra Black NFT Price
Rare NFT Price
These are the initial Nas NFT price and right now the prices may differ in the secondary market.
Drop details of Nas NFT Songs
“Ultra Black” was released first and it consists of 760 NFTs. As mentioned, there are 3 tiers:
- Gold: The gold tier tokens cost $50 each and the owner will get 0.0143% of royalties from the streaming revenues.
- Platinum: The Platinum tier had a price tag of $250 and the owner is guaranteed 0.0857% royalties from streaming services.
- Diamond: The Diamond token owners are entitled to 2.14% of royalties from streaming and the Diamond tier NFTs cost $4,999.
Not long after that “Rare” song, NFTs were launched. The second collection consisted of 1110 NFTs. Similarly, this collection came with 3 tiers:
- Gold: The price for the Gold token of a “Rare” song is $99 and the owner is entitled to 0.0113$ off streaming royalties.
- Platinum: The Platinum tokens were priced at $499 and the owner gets 0.0658% of Royalties from streaming revenue.
- Diamond: “Rare” Diamond tokens cost $9,999 and the owner is guaranteed 1.5789% of streaming royalties.
The initial drop was done on the Polygon network to ensure less waiting time and lower gas fees.
The collection went through some difficulties on the launch date of 11th January. Although, after a week with more thorough arrangements the collection went live smoothly.
Nas’ NFT collection is a perfect example of expanding engagement with music fans. Fans will now have more ways of interacting with and supporting their artists. Buying NFTs of their favorite songs of their favorite artists has a different and cool aspect than just buying CDs and merch. The fans can earn revenue along with the artist.
This is also a breakthrough for independent artists. The workings of Royal in this project are surely a major development in the music world. More music NFTs with similar or even more innovative ideas are sure to come up in the coming days.