Selling An NFT for $11.7M, Raising $71M from a16z for his Music NFT Startup, Royal, with Justin 3lau #2044

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For decades the music industry has been wildly imbalanced, with only a fraction of the 40-billion-dollar industry going towards musicians. Today’s guest is on a mission to disrupt the status quo and give fans the power to directly participate in the careers of their favorite artists. Many of our listeners will be familiar with Justin Blau, also known as 3lau, a famous DJ, electronic dance music producer, and the CEO and co-founder of Royal, a music investment platform that allows fans to easily invest in artists and earn royalties alongside them. As part of our NFT compilation series, we sat down with Justin to discuss his new company, the Web3 space, and why he is so excited about it. In our conversation, Justin breaks down his journey, from studying finance to dropping out to pursue his fast-growing DJ career, to founding Royal. He unpacks some of the lessons he’s learned, why he never expected to sell his NFT for 11.7 million dollars, and some of the challenges Royal is expected to face as it grows. He also talks about the siloed nature of the Web3 space, why he believes in Web2.5, and the importance of adjusting your perspective and staying in touch with the needs and wants of the mainstream. Be sure to tune in to this fascinating conversation on the possibilities of Web3, the music industry, and much more!

TIME-STAMPED SHOW NOTES:

[00:20] Today’s topic: Selling An NFT for $11.7M, Raising $71M from a16z for his Music NFT Startup, Royal, with Justin 3lau.
[00:20] Introducing today’s guest: CEO and Co-Founder of Royal, and well-known DJ, and electronic dance music (EDM) producer, Justin Blau, also known as 3lau.
[01:04] How Justin co-founded Royal and how it allows fans to invest in musicians they love.
[01:41] Justin’s unique journey from studying finance and being a DJ to co-founding Royal.
[03:53] How the music industry makes money, the disproportionately small amount that currently goes to artists, and how Royal disrupts that model.
[04:51] An overview of Justin’s past and upcoming NFT projects.
[06:21] Some of the biggest challenges that Royal will be facing as they grow.
[06:35] Why Justin refers to Royal as a Web2.5 platform.
[07:46] How Justin balances being a musician and a startup co-founder.
[08:57] Justin’s insights into Web3 and how the insularity of the industry sometimes results in people losing perspective of what the mainstream world wants.
[10:31] How Justin put together an exceptional team for his startup.
[11:22] An overview of how Justin went about selling his NFT for 11.7 million dollars.
[13:01] How Royal is currently being marketed and why most of its growth has been organic.
[14:14] Resources to better understand Web3 and NFTs, and why Justin refers to them as limited digital assets.
[15:12] The time it took Justin to grow his reach at the start of his music career.
[17:08] Justin answers our rapid-fire questions! Learn about his favorite business book, favorite business tool, and more.
[18:03] That’s it for today; Don’t forget to rate, review and subscribe!
[18:03] Go to https://marketingschool.io/live to learn more.