In Brief:
- Fans can invest in songs and albums through Republic’s “Security NFTs.”
- Republic is using the decentralized peer-to-peer lending platform Opulous
- Rapper Lil Pump and powerhouse DJ KSHMR are the first artists to pioneer the movement
Republic is launching “Republic Music” to offer NFTs called Security NFTs (S-NFTs). With these, music fans can share music rights in the royalties of artists.
“S-NFTs” are the investments that fans make in artists’ songs and albums, and the returns they generate from plays, streams, and licensing.
The company claims to be able to give artists back control by involving fans in the investment of music rights. This typically involves purchasing “membership units” of an LLC that owns the music rights to a song or album.
Chief Strategy Officer of Republic, Pialy Aditya said, “The same membership units that may typically be represented by an LLC Membership Certificate will novelly be represented by the S-NFT instead.”
At first, fans can invest in new tracks from electronic artist KSHMR, as well as a new song from rapper Lil Pump featuring Soulja Boy called Mona Lisa.
In order to invest in music, Republic is using the decentralized peer-to-peer lending platform Opulous, which is based on the Algorand blockchain and enables music fans to have a share in artists’ music copyright.
Republic is offering S-NFTs through US Regulation Crowdfunding (CF). Aditya said, “Republic is a registered crowdfunding portal which allows it to facilitate offerings under Reg CF, Like all Reg CF security offerings, these offerings are not approved nor qualified by the SEC.”
