Noble has been an avid music royalty investor for decades and started out as a features in commodities broker at the age of 19. He went to author Winning the Trading Game and Trade Like a Pro. Along with being a tech investor, financial author, and sought after speaker, Noble has been a contributing writer for Forbes feature magazine and a radio and TV financial commentator on Bloomberg and Fox Business News.
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Band Royalty – Check out the Band Royalty website!
Joel Comm’s NFTs EOFire Episode – Why Blockchain, Cryptocurrency and NFTs are Important For You to Understand with Joel Comm
3 Value Bombs
1) There are beautiful ways to collect revenue on NFTs.
2) Figure out what rights are being conveyed by these NFTs.
3) NFTs are not a fad.
BLUblox: Get 20% off BLUblox blue light blocking glasses at BLUblox.com/fire or enter code FIRE20 at check out!
Klaviyo: Customers want more from brands. Delivering more means owning the customer experience. Klaviyo calls this “owned marketing” and they believe it’s the best path to growth. For more, visit Klaviyo.com/fire!
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: How Band Royalty is Revolutionizing Music
[3:00] – Noble, why is it important to find a way to change the music industry?
- Music royalty started during the Jukebox Era.
- Musicians would get their revenue during that time.
- The royalty side is really broken now – the industry is not functioning at an official level.
[6:11] – With all the different music NFTs coming out, what makes Band Royalty special?
- Musicians are getting 70% of their revenue by going out on the road and selling merchandise.
- We focus on being music agnostic – meaning that all music has value, and so every music we hear generates royalty.
- Band Royalty focuses on the business of music.
- What makes Band Royalty distinct is that we talk to different artists around the globe.
[10:22] – Joel adds a message about the importance of Crypto and NFTs
- Go back to yesterday’s episode and listen to the basics of Crypto and NFTs.
- There are beautiful ways to collect revenue via NFTs.
[14:13] – With your background in investing, what do you think the regulatory hurdles will be for your NFT?
- We want to make sure the NFT has a standalone sale, with no direct rights given to the music.
- We want to give people the opportunity to have an NFT with intrinsic value.
- We believe that whatever potential regulatory hurdles there may be, we are able to manage them because we designed an ecosystem that we believe is disruptive.
[18:44] – A timeout to thank our sponsors, BLUblox and Klaviyo!
[21:10] – Where do you see NFTs in 2-5 years?
- There are some serious things that may happen 5 years out.
- Make sure you know what rights are being conveyed by NFTs.
[24:00] – Joel talks about NFTs in the music space
- NFTs are not a fad.
- NFTs are secured, so they’re always in perfect mint condition.
[27:29] – Of all the areas, why music? Why now?
- Noble has a close family friend who is famous on TikTok but having a hard time monetizing.
- Aside from singers, there are also writers and producers who are being ignored, and Noble saw the opportunity to fix the broken system in the industry.
[32:50] – Joel’s final thoughts about NFTs
- Blockchain can be intimidating, but Joel is trying to make it easier to understand.
- NFTs are going to change the way that we do things
[36:16] – Noble’s parting piece of guidance.
- Learn more about Band Royalty and Music NFTs at BandRoyalty.com!
Boom, shake the room, Fire Nation, JLD here. And welcome to Entrepreneurs On Fire brought to you by HubSpot today, we'll be focusing on how Band Royalty is revolutionizing music to drop these value bombs. I brought Noble Drakoln on the mic. Noble has been an avid music royalty investor for decades. Having started out as a futures and commodities broker at the age of 19, he went into author Winning the Trading Game and Trade Like a Pro along with being a tech investor financial author and sought after speaker Noble has been a contributing writer to Forbes, future magazine, and a radio and TV financial commentator on Bloomberg and Fox Business News.
And today foreign Asia, we'll be talking about why it's important to find a way to change the music industry with all the different NFTs that are coming out. What makes Band Royalty special?
0 (9m 21s):
Where will NFTs be going in two to five years and so much more. And, Oh, by the way, I brought yesterday's guest Joel comm of bad crypto on the mic to add a little commentary on NFTs on crypto and to just add a lot of value because he's so knowledgeable on this space and we have a fantastic three-way conversation on everything that I already mentioned in so much more, which you need to listen to. When we get back from thanking our sponsors, get your focus back, sleep better and block out the unhealthy effects of blue lights. With BluBlox, blue light blocking glasses.
0 (41m 59s):
Get 20% off by going to BluBlox.com/fire or enter code FIRE20 at checkout that's BLUBLOX.com/fire for 20% off, or just use the code FIRE20 customers want more from brands delivering more means owning the customer experience, taking control over data acquisition analysis, creative and delivery, Klaviyo calls, this owned marketing, and they believe it's the best path to growth for more visit Klaviyo.com/fire. That's KLAVIYO.com/fire. All right, Fire Nation. Here we are ready to roll. And as I mentioned in the introduction, we'll be talking all about how Band Royalty is a revolutionizing music. And we have those two all-stars that I mentioned on the Mike Joe calm and noble draconian, and we're going to be having some real fun today, having some real good conversations all about this revolutionizing of music. I've I've got just two studs on the mic with me here. So make sure you're strapped in. This will be what I call a to listener where you actually come back and listen to this episode twice. Cause there's gonna be a lot of new concepts, a lot of things you really have to take some time to kind of bend your mind around and then you're really gonna get it. It's going to crack something open and you're going to go all in with this new world that we now live in. So let's just start off with my man Noble. Why Noble? Why is it important that we find a way to change the current music?
1 (3m 6s):
Thanks, Joe, for having me on, you know, it's fun to, to always listen to you and get to be on the show. You know, the, the music industry started way back. As we know it in the jukebox era and jukeboxes were the primary way that people would listen to music and they would find the most latest, greatest hits. And so all the royalties facets of it were designed around that concept. And the reality is most of the jukebox at the time were controlled by the mafia. And that was a way that they created revenue across town. So here we are, you know, it's 2021 and all the royalty laws actually derive from the jukebox era.
1 (3m 49s):
Even though we have streaming, nobody knew, you know, give a good example. Kharel did 43 million at one point there's 43 million plus 3 million plays of his music on streaming. We sent him a check for, I think, a little less, a little over $2,000. You know, this, the era, how music was performed and how they came with these royalties. Didn't never envision streaming and the way it functioned today. So the royalty side is this really broken. You know, we, we have things like Shizam and Shizam, we'll let you hear music immediately, but for some reason it still takes ASCAP and BMI and some of the other
1 (4m 34s):
So the industry is just, does that function at an efficient level based on today's technology.
0 (4m 40s):
Let's just be honest, it's broken, it's a broken industry and we live in a world now where we don't need to fall in line with the gatekeepers. We don't need to fall in line with two, five, 10 people that make all the decisions for different things. We live in a world now that's we can make our decisions. We can be the gatekeepers. I mean, look at what I'm doing right now. Fire Nation with entrepreneurs on fire, over a hundred million listeners of this podcast over the past 10 years. And literally was me buying a microphone, hooking up to my computer and saying, I'm going to interview some really awesome people. And that's a go through gatekeepers and I had to go on a radio show or, or try to like, just go through that old school gatekeeper process.
0 (5m 23s):
This is a new world, which is why we're talking about how noble specifically and Band Royalty is literally going to be revolutionizing music. And so I want to kind of dive right into that Nova right now with, you know, all the different music NFTs that are coming out and for people again, I told you this might be a, a two listener, so you can really wrap your head around everything we're talking about. But I do have a resident experts on this topic who we'll be hearing from very soon. Of course, Joel comm, who I talked about in the introduction. And you heard from yesterday, of course, on the episode, but with all the different and FTS, which are non fungible tokens coming out, I mean, people are seeing the opportunity with NFTs in the music world.
0 (6m 6s):
What specifically did you do noble to make band royalties special?
1 (6m 12s):
Let's not gloss over what the musicians are doing in the non fungible token space, you know, is the idea of creating a collectible for your fan. And, you know, you have Kings of Leon, they created their own albums. So their fans could actually own the album. You have people putting out a special additions of the records. You have people going ahead in for their concerts and think another guy put out an NFT where he sold out his concert for 1.5 million using NFTs. And the cool part about it is you're able to create something special. It's almost like fan memorabilia that they could not otherwise get because you know, we've been in a pan, a pandemic, there's no concerts going on.
1 (6m 53s):
And in fact, majority of musicians make something like 70, 80% of their money touring going out on the road, being in front of people, selling merchandise in the light. So it's really an awesome movement that musicians are trying to follow suit with the visual artists that have found tremendous success and not fungible tokens. You had people go to the Christie's auction, sell $69 million, the largest amount of assault of a living artists on. And it was digital. There's no physical prints. So, you know, the people look at nonclinical tokens and they look at the collector environment as a real clear way to kind of escape obscurity and to make themselves global immediately.
1 (7m 36s):
But there's a problem with a lot of what's going on. I think on the music side and the music side, I think has a limiting factor because unless people like that specific genre, whether it's country or I don't know, rap, or a heavy metal, unless people like that specific genre, you're not going to really pull people in to your ecosystem that aren't already committed to you and already believe in what you're doing. And so when we created ban Royalty, we really focused on being music agnostic, meaning that all music has value solely because every piece of music we hear generates royalties among multiple verticals, they generate mechanical royalties, they generate publishing royalties.
1 (8m 24s):
They generate synchronization royalties, these generate a performance royalties, and then sometimes they'll generate producer and manager royalties. And so when we create a Band Royalty, the focus was on the business of music. So whether you like rap or you like country, or you like classical, it doesn't really matter because when you tap into our ecosystem, you're getting a behind the scenes access to the royalties, that those music, those music, those types of music and all those types of genres produce and so bad royalty for as a celebration
2 (8m 56s):
Of both the diversity of music, the inclusion of music and the ability to be a global brand. They want, you know, we're talking to musicians in India who are super popular and Bollywood, and at the same time we're talking to, you know, pop stars and we, nobody in the United States has ever heard of, but super popular in Mexico. So there's a lot of music around the globe and that's what makes Band Royalty distinct. We're not a music and Ft. We are a business of music and at T and that's a key distinction,
0 (9m 29s):
Oh, I love all this stuff. And Fire Nation. I mean, you just need to learn more about this industry and BandRoyalty.com is just a wealth of resources. It kind of really helped me understand everything that Noble's doing and everything that Noble's is now talking about here by just going to his websites, you know, looking at what he's created, looking at the roadmap that they have there, and just really understanding that, wow, you can literally now create a collectable. I mean, I love Kings of Leon. I used to listen to them all the time in my late twenties, early thirties or so many songs I can name with them and to think about the opportunity of being able to own part of their album, or actually, you know, own the album with my own individual NFT of that.
0 (10m 10s):
Like that just is something that is a way for fans to give back, to feel more intimate with, you know, listen her an artist, a creator that they really resonate with. And that's actually where I want to bring in our residents NFT and just overall crypto expert who's of course the podcast host of bad crypto, who we had on the show yesterday to talk in detail about all of this stuff, but Joel, what do you want to add on this topic right here? So really kind of add to what Nova is talking about for our listeners Fire Nation to maybe grasp exactly what this opportunity is
2 (10m 48s):
For those of you that might not have heard yesterday show, make sure you go back and listen, because a lot of the basics about crypto and NFTs and why they're so important, you know, we covered more in depth. This particular project is fascinating to me because blockchain is so disruptive that it is truly changing dozens and dozens of verticals. And one of those areas that is prime for disruption is indeed the music industry. And what I love about this project when I discovered what noble and his partner Barnaby are doing, is that they're disrupting the music industry in a way that's very organic for them. Noble's background in music, royalties goes back more than two decades and he understands this industry and how broken it is in a combines fixing that for the artists, with the technology that we now have on blockchain and in non fungible tokens.
2 (11m 43s):
So that everybody is a winner in this, you know, the, the, the, what we call big music, right? The, the big record labels that, that have won the most profits at the, the expense of the artists. They might not be quite as thrilled about it, but for everybody else, you know, from the musicians and the writers all the way down to the, those who enjoy the music, there's a great opportunity to collect beautiful NFTs. And I mean, they are stunningly beautiful, but they're NFTs that have something behind them. They're not just pretty pictures. You actually, by owning these NFTs and staking them into the platform, that's where you earn a piece of the performance royalties from these songs.
2 (12m 32s):
And the song list mean the artists that are part of the Band Royalty music catalog includes Beyonce, Justin Timberlake. I mean, we got, we got Rihanna in here. There's big names. And 50% of the royalties that are earned from the different tracks that are in the catalog are going to be paid to those who own and stake their NFTs. So it's, it's really exciting.
0 (12m 58s):
You should. I hope you're starting to kind of grasp again. It took me a while as well. And of course, having Joel as my neighbor has been a huge help. And the interview that we did yesterday, an entrepreneurs on fire a must, listen, if you're kind of scratching your head because we get really down to the basics here, but not just even owning the NFT itself, which is a pretty special opportunity. But again, being able to partake in, you know, some of the recurring revenue that's going for some of the recurring royalties going forward and, you know, just the overall opportunity for it to maybe just increase in value as an NFT, as a standalone, but also as you hold it in, you're staking it. And it's actually yielding things like yielding revenue for you potentially. I mean, this is where things really get exciting things really get interesting, frankly, we're just in a new world and believe me, it is worth your time to invest in yourself to learn more about this world.
0 (13m 51s):
So, no, but let's be honest. I mean, it's not all rainbows and sunshine when it comes to these things. I mean, there are things that we really need to talk about when it comes to things like regulatory hurdles that can happen when it comes to new opportunities like this. So with your background in investing, what do you foresee as some of these hurdles for your specific NFT
2 (14m 14s):
For 28 years, I've been in the investment industry. I've written seven books on trading, and I ran my own brokerage firm and hedge fund and compliance. And one of the issues when we created this was we want to make sure that the NFT had a standalone sale, that there was no direct rights given to the music, just because you have the EFT, it doesn't give you ownership of the music and it doesn't give you rights to any of the music it's, you're buying an entity. And so that's why I went, thank you, Joel. I really appreciate it. We really want to make the NFTs be art and a collectible in and of itself to have. And we also limited
1 (14m 52s):
The number of NFTs, you know, and this issuance, there's only going to be 3000. And if T is, and then once they're gone, they're gone for the series one, that's it. But we also wanted to really create a mechanism that allowed people to stake and participate in different royalty streams. Again, you don't get any ownership when you stay. It's just part of the revenue, but we just wanted to give people an opportunity that their NFT has an intrinsic value or an opportunity or diff what they call decentralized finance that will organically grow from us, kind of connecting the NFT and you picking the pools of royalties that you want.
1 (15m 36s):
So we set up initially three different pools of royalties. There's going to be a mechanical rights royalty pool. There's gonna be a performance royalty pool. There's a synchronization pool. Plus there's a publishing pool and people get a chance to decide, but at the end of the day, it's just them sharing in the revenue. Now, of course, we're, you know, we're talking to attorneys and we're making sure that it's laid out properly so that it doesn't turn into a securitized instrument, but if we have to, you know, file whatever we need to file, we will. So the staking has really been set off for at least the next two to three months. So the staking will start in July and that'll be after the actual band token does an IEO.
1 (16m 16s):
And, but we're excited. And we, we believe that whatever the regulatory or potential regulatory hurdles there may be, we're going to be able to overcome them because we've designed an ecosystem that we believe is disruptive, but also is just smart for the times.
2 (16m 32s):
Let me jump in for a second here and say, you know, some of the terms that Noble's using might be unfamiliar to many people who are just learning about NFTs for the first time, you know, words like IEO and tokens and, and staking, you know, it might be useful to explain a little bit about what it means to stake an NFT.
1 (16m 52s):
Thanks, Joel, I appreciate that. You know, what happens is you get into an industry and you get inundated by new language, right? When you state, or when you take your NFT, it's almost like doing a CD or deposit. So you take it off the board. So you go to your local bank, you want to get a CD. They'll tell you, you can, you know, put, park your money with us for six months a year and different timeframes create in different interest levels. Well, that's what happened in the NMT world and in the online token world that you can actually take these nonrefundable tokens, these NFTs, these collectibles. And if you don't decide to sell them or trade them away or whatever the case may be, you can come back to our company, ban royalty and like a CD, put them on loan to us for a certain period of time.
1 (17m 43s):
It could be 90 days. It could be six months. We have it up to five years and you'll get a chance to participate in the royalty pool that comes in. Cause we're allocating 50% of the income from all the royalties to all the staking pools. So you get a chance to just park your, your NMT with us and hold onto your collector's items and generate part of the royalties as time goes on,
0 (18m 8s):
There is a lot here and that's why we're here. And that's why obviously I had Joel join us because Joel is the resident expert when it comes to these types of conversations or when to keep bringing him in, as we continue this conversation. But something's going to be talking about coming up is where noble sees NFTs in two to five years. And of course I want Joel to chime in on that. And then you don't really why noble chose music and why now? I mean, there's some obvious reasons, but then there's some not so obvious ones we're going to talk about then of course, how you can learn more about the project and potentially even get involved. When we get back from thanking our sponsors, are you working around the clock to build the business? You always imagined, do you want to communicate with your fast growing list of customers in a personalized way, but also in a way that gives you time to work on the rest of your business?
0 (18m 55s):
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0 (19m 36s):
That's KLAVIYO.com/fire. My ability to focus throughout the day in my sleep are my top priority. And when either of these things is out of whack, everything else is affected. That's why after figuring out so much of my restlessness and distractions were being caused by too much exposure to blue light, I started researching the best blue light blocking glasses. What did I find? BluBlox BluBlox was created to block out the blue light with high quality lenses. While other companies are mass producing an evidence-based products in China with no understanding about how light impacts health, the founders of BluBlox are using evidence backed to research and making their glasses under optics laboratory conditions in Australia, BluBlox has over 40 frames to choose from, and they come into prescription non-prescription and readers.
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So they have frames for every need. And because they're made for daytime or nighttime, I've been wearing my BluBlox pretty much all day, and it's helped make a huge difference. Get your focus back, sleep better and block out the unhealthy effects of blue lights with BluBlox. Get 20% off by going to BluBlox.com/fire or enter code fire 20 at checkout that's BLUBLOX.com/fire for 20% off, or just use the code fire 20 noble Joel. We are back and we have some important things to talk about first and foremost, let's start with you noble. I mean, you are someone who did dive head first into this NFT craze. You obviously saw the potential because of your vast experience and history with music and with royalties.
0 (21m 3s):
So where do you see NFTs and say like a two to five-year timeframe. What's the future Nostradamus?
1 (21m 11s):
I really love the idea of non fungible tokens. I love the idea of collectors and collecting my biggest concern and has been from the beginning is what happens when no one wants to collect. And when people are kind of exhausted on NFTs or it's been inundated to the point of where there's so much junk out there, let's be Frank that the good stuff is hard for people to find and or buy because they can't liquidate the junk they bought. And so when we look two to five years out, there's going to be a couple of real serious things are going to have to happen. Number one, the people who've spent a lot on non-funded tokens on these collectors items.
1 (21m 54s):
There's going to have to be a financial mechanism that is going to allow them to unlock that store value and bit by bit people are creating it. And that's what I said. The defy, the decentralized financing is really going to become a significant portion of the NMT space. I also believe there's going to be a lot of buyers. Remorse. People bought things randomly because they saw the craze, but they didn't really look at what was the underlying value. So more projects that have real connections, you know, there was an NFT project recently where, and Joel could speak to this better than I, but they actually were able to sell NFT sneakers and then delivered sneakers to your home.
1 (22m 34s):
There's NFT projects recently with one of the baseball teams and what you actually got the physical bat. In addition to the NMT collectible, there's going to have to be a real intersection between what people are getting digitally and then what they can basically hold on, physically, whatever the format that looks like. And then I think there's going to be a need to really figure out what rights are being conveyed by these empties. So if I own an NFT, can I print a t-shirt of it? Or is it that I can only own the digital version? And then I've got to pay an additional royalty if I want to make a t-shirt of it, even though it's a one-on-one. So there's these other things that we're going to start seeing over the next few years that are going to start parsing out and dividing up the rights of these NFTs.
1 (23m 21s):
And we, we really, when we, when we develop band, we tried to kind of be futuristic in our thinking. We wanted to make sure the NFTs look great, but the only right that conferred was the ability to tap into the royalty pools. We want to make sure there was some backing for the NFTs. If in two years, nobody's buying them and they're not going up in value. Well, you can at least come and stake them and know that you have access to the royalty pools. So, you know, with
2 (23m 46s):
Our limited prognostication, we were able to kind of build in some of the things I was already concerned about with the anticipation that a lot of the stuff was coming down, the pipeline,
0 (23m 56s):
Lots of stuff is coming down, the pipeline, Fire Nation, and Joel, this is where I'd love you to jump in here. Maybe kind of round this out for a little bit broader than just the music space and talk about NFTs in general and just kind of where you see Fire Nation could, could help knowledge wise. You can call me Joel,
2 (24m 18s):
Futurist says, you know, I don't see necessarily see the future, but I do get there first. And it's not because I'm so smart. It's because I like to play with all the toys. And you know, when you're the first kid to play with the toys, you discover some cool things and then you play with them some more. And invariably people come to you and say, how did you do that? And that's how all my books got written pretty much. And so with NFTs, first of all, they're not a fad. As we addressed in yesterday's show, they are here to stay. And I promise you that because all you have to do is look at the collectible world, whether it's art or, you know, whether it's specific IP brands, bands, you know, no matter what it is, baseball cards have been sold for over 70 years now.
2 (25m 5s):
And there's so many other collectibles and look at the success of Funko pop, which by the way, are going to be launching at FPS here in the very near future. And, you know, they don't take up space. They're just there in your digital wallet. They don't get damaged by water or by fire. They can't get lost unless you lose your wallet, which isn't a good idea unless you lose the keys to your wallet, which is an even worse idea. And you know, they're secure transactions are instant. You don't have to worry about selling to somebody on eBay and am I going to ship it and maybe I'll get paid. Maybe I won't. Is it going to be what I said? You know what they said, it was, it's always in the perfect mint condition. And this is the new way of collecting. They're not going away.
2 (25m 46s):
I'll echo what noble said, that the more of these projects that augment by backing them with something that may be physical or some other substance I think is going to be important, but there are so many niches out there. You know, think of all of the bands, everybody's got a favorite musician, everybody's got a favorite film or TV show. Everybody's got their favorite brands. Even if the market seems inundated with NFTs from everywhere, when it's your favorite brand or band or actor that releases them, they're going to have your attention. And you're not going to care how much of a glut there might be in the rest of the marketplace.
2 (26m 28s):
And this is why they're here to stay
0 (26m 31s):
Fire Nation. Again, we need to refer to yesterday's episode where we really go into depth about the, why the who, the, where and why this is the present and the future. This is why I want to get you on board. And I also love hearing from you as well. Fire Nation, I mean, are these type of episodes is this type of content, something that's exciting you cause it really is exciting me. So I'm thinking about bringing a lot more of this content to you going forward on a more regular basis. So please, if you are enjoying this stuff, reach out to me, John and eofire.com because I would love to hear that. And then I will listen to you. And if you want this as more part of the regularly programs, conversations, then we can make that happen.
0 (27m 15s):
So nobody, I want to go back to you. And before we end it with a bang about more details about your specific project and how Fire Nation can get involved, you could have gone into a lot of different areas. Why music and why now
1 (27m 29s):
You're absolutely right. I could have gone to a different areas. It was a epiphany I guess the best I could say. I have one of the close family, friends. She's a well known tick-tock musician. She's got a tick tock pop star effect. Her name is I am Kai. And she shared with me her tick tock page and the tick tock page had over 2 million people following her 65 million people viewed her Tik talks. And yet she was having a hard time figuring a way to monetize her life. It didn't make sense to me.
1 (28m 10s):
How is it there a platinum record that sold a is only a million albums sold, right? So here she has 65 million people watching her videos and she's not reaping the rewards from it. All the major corporations are all the mega mega mega billion dollar, Facebook and billion dollar tick-tock. All of them are reaping the rewards from the content that's being provided. And she's trying to figure out exactly how she was going to monetize that. Then you look at Pharrell and his situation, you know, one of the top songs, 43 million, you know, happy people loved it. Put hundreds of millions of plays, a few thousand bucks. And it was an art made him very unhappy.
1 (28m 51s):
It made him very unhappy. And I looked at the article, but then it dovetailed, right? So there was a follow-up Spotify was supposed to pay these guys more money and et cetera. And years later, they still hadn't paid their musicians more money. And so, you know, the activist part of me, because I understood, and I understand how royalties work realize it's not just the performers who are hurt by that. The guy singing a song may not be the guy who wrote it. They're going to be three to four writers behind the scenes who are also getting shipped. There could be a producer who actually produced the music who's got producer. Royalties is also getting taken advantage of. And so something has to change in that system because music is beloved by everyone in the world, no matter what genre you like, there is a business component to it and it's vastly misunderstood and is vastly ignored.
1 (29m 40s):
And so when I looked at the industry said, you know what? There's probably an opportunity here to create a little bit of disruption to number one, teach fans, how royalties work that most fans don't know that the song Whitney Houston saying, I will always love you produced millions and millions of dollars for Dolly Parton because Dolly Parton actually wrote that song. She, she, she generated over $10 million off of that song. And she, some people say she jokes about how that actually paid for Dollywood to be built. That's how that industry is that there's so many players who are generating royalties and income, that some people just get a lot left on the side.
1 (30m 21s):
And it's unfortunate. You know, these guys who are quote-unquote, Hitmakers making songs for famous people, Justin Timberlake, or Tim McGraw, or all these guys who are Hitmakers in Nashville. They're having to grind and write new songs because the royalties take forever to get to them. So for me, the activism part of me has always felt that if the fans knew a little bit better of how their musicians and their favorite musicians were being paid, they would take a little less star struck part of it out of it, and really understand that they can be instrumental in helping the business side of it and actually step away from, you know, you have the story of you guys heard of it, but, you know, TLC, they had multi-platinum records, you know, Grammy awards after their first album came out and they were literally broke.
1 (31m 12s):
They had no money because the advances produced by their label ate up every single one of their royalty commissions that came back to them. In addition to the, the, the label, charging them for, you know, regular stuff and inflated prices. So here you have these Grammy award-winning women who are loved and beloved around the world and they're broke. How does that work? You know, they're, they're smiling and having to be happy in front of the camera and they don't know where their next rent check is coming from. So these are the things that you look at the music industry and you see how broken it is and someone has to start somewhere.
1 (31m 52s):
So we started, we bought our own royalty catalog and we just started and we're gonna buy more music. And eventually we'll start working with musicians and we'll get master rights. But the vision is to really create an ecosystem that puts fans in touch with their artists and the fans to really comprehend what the business side of this looks like
0 (32m 11s):
In Fire Nation. That's the word that we kind of keep coming back to is broken. This is a broken system. And so, you know, at some point you just got to ask yourself, do you want to be part of the solution, or do you want to continue to be part of the problem? And I'm not saying anybody should feel guilty about listening to their favorite artists on Spotify, but just know that that artists, man, I mean, hundreds of millions of listens a couple thousand bucks, I mean, there's something broken there and this is what noble and other people in the industry are looking do. So Joel, I want to pass it back over to you for some, some final thoughts. And I want to end with noble telling us a little bit more detail about the project, how foundation can get involved if they want to check out more and then we'll say goodbye.
2 (32m 52s):
Well, I think it's important to note there. You know, it was a bit of a learning curve here. Blockchain could be intimidating. People in know one of the things we do on bad crypto podcast is try to make these seemingly complex subjects easy to understand. And I know, you know, one of the reasons you're excited about blockchain and crypto and projects like this are because you're an entrepreneur, you know, you're on for way go. You're John Lee Dumas. You have a neck after talking with so many people of seeing what's hot and what's not. And we know, we know that blockchain is here to stay. We know that these different verticals are being disrupted as we speak. And there are people that are not paying attention.
2 (33m 32s):
I just spoke to somebody today. They're like, what is this Bitcoin thing? And I'm thinking, Oh my gosh, you know, it's, it's been in the news for years. It's been around for 11. How do you not even know the basics? And there's no shame in that. There's a lot of people that just aren't paying attention. They don't understand how revolutionary blockchain and crypto really are. They don't understand that NFTs are not just something that the media is hyping up. They are going to change the way that we do so many things. And as I referenced yesterday, NFTs are not just art and collectibles. Your home title will become an NFT, your automobile title, your insurance policy, and FTS provide secure provable, demonstrable ownership, and are easy to transfer and transact with.
2 (34m 23s):
And so having the opportunity, you know, when I discovered this project, you know, full disclosure is that myself and Travis Wright, my co-host of the bad crypto in the nifty show, we became advisors with Band Royalty. In fact, I told you about them because I think John, you're really gonna dig this. This is some cool groundbreaking stuff,
0 (34m 46s):
Seen what it means to take away those like handful of gatekeepers in the audio space, in the radio space. And, you know, in the media space that I've been in now for a decade and being able to build entrepreneurs on fire, you know, into the literal media empire that it is now with again, a microphone and a computer and the desire to interview cool people and the commitment to working hard and doing it consistently. And I've been publishing my monthly income reports for 91 months in a row. And there's a reason why I have an average of an 80% profit margin on every dollar that comes in the door for entrepreneurs on fire is because it comes into my door.
0 (35m 28s):
And do you think I'd have even a fraction of that? If I was, you know, some radio hosts for some big conglomerates, you know, in one of the big cities, you know, around the United States, of course not, but you know, I'm able to be my own gatekeeper. And as a result, loving to continue to do this type of content for you, Fire Nation for free, like you're consuming this right now for free because it is worth it to me to continue to run my business because I am my own gatekeeper. So noble let's end strong brother, tell us a little bit more about the specific project. Cause there is actually some timeliness to this and then share how Fire Nation could get involved.
0 (36m 12s):
If they want to learn more and potentially even get involved. And then we'll say goodbye.
1 (36m 17s):
The reality is, you know, a decade from now, people are going to be using NFTs to live their life. That'll be their digital identity. And so when we look at Band Royalty, you guys can go to BandRoyalty.com, just band BA and D royalty.com. And you can check out the actual NFT. I, you know, the layout of what we're doing, how things are working. You can see the musicians that we have. You can scroll down the page. So if you go to band royalty.com, just go ahead and put your email address and we'll keep you abreast of what's happening. We're actually launching band royalty on May 5th, a special day for someone else here.
1 (36m 58s):
And we're going to be in between there talking and introducing people to a new music that we're requiring music that's on the table that we're looking at. And it's a real simple idea. You buy one of these, you know, highly designed. NFTs on May 5th, they then at some point will allow you to do what I said before, which is the staking like a CD. And one of the pools, one of the three, the three pools that we have, and you can scroll down the website and, you know, lays, lays it all out. And there may be some questions you may not understand everything. So we actually have a tail telegram group called band royalty as well that you can find at the bottom of the website.
1 (37m 39s):
And we've got people on standby to answer all your questions, to give you an idea of what's happening and what the fun part is. You know, not all the royalties we acquire. We'll actually have music attached. Sometimes it'll be synchronicities or sometimes we'll just be publishing rights. But the cool part is we put the performance royalties that we own on the website and we created a YouTube page with all of the musicians. And so you'll find Demi Lovato in there. You'll find a Justin Timberlake, as Joel mentioned earlier, you'll have Rihanna, you'll have shares in this particular catalog we've got will I am. And that's why I say we're completely agnostic to genre.
1 (38m 19s):
We just collect the royalties that are available to us and we put it out there. So just have a good time, you know, just understand that there's a business side to music and you guys for the first time, every day, people are getting a glimpse into what that business site looks like and getting a chance to potentially profit from it has never been done before. And so we're really excited about this and you're going to have some cool NFTs that are be collectibles as well. You know, one to 3000 is a small number of entities. I think it also pays to note for those that don't understand the crypto world, that this is a purchase that will be done with a theory. And so in order to purchase these NFTs, you'll have to have a theory in your crypto wallet.
1 (39m 6s):
Yeah. And we'll guide you through all that stuff. I mean, like I say, if you join the telegram group, we will guide you through all of it. We'll tell you how to, you know, where to set up your wallet. There's all these little nuances to it that, you know, you probably need another episode. John, I just had to set up an Ethereum wallet, right? We, our team on the telegram group, we'll help everybody.
0 (39m 24s):
And that's what you want. Fire Nation. You want somebody who's willing to guide you. Somebody who's willing to take the time to go listen. These other steps you need to take, because this is a crazy world. This is a new world. This is an exciting world. And believe me, you don't want to be thinking five years from now, man. When I listened to that episode with Noble and Joel and I kinda, I kinda knew what they were talking about, but I was still kind of clueless. I didn't take the time to go to YouTube and to just search some of these things we're talking about and watching some videos of some tutorials, I didn't take the time to go to band royalty.com, scrolling down to the bottom and joining the signal group and being able to learn from the people that noble has on his team. They're going to, step-by-step take you through this process.
0 (40m 4s):
So, you know, don't be that person five years now that has the regret. They didn't take the time to invest in themselves. Not just money-wise. I'm talking about time-wise bandwidth wise, intelligence wise to educate yourself, to learn these things. That is the future. Whether you like it or not, Fire Nation is this is the future. And again, if you're listening to this episode, you're part of Fire Nation. You are excited about the future and you want to be on the cutting edge. This is the cutting edge stuff. So join us, be a part of this. You're going to hear a lot more coming out from me about this topic because Joel and I have some pretty interesting things cooked up in other areas as well. So it's going to be a lot of fun, but your call to action here is band royalty.com Golar more join that signal group, educate yourself.
0 (40m 53s):
There's a lot of free content out there. You can educate yourself. Joel's bad. Crypto podcast is a great place to start cause you know that you're the average of the five people they spend the most time with. You've been hanging out with NDJC and JLD today. So keep up that heat Fire Nation. And I just want to say noble Joel, thank you for sharing your truth, your knowledge, your value bombs with Fire Nation today, for that we salute you and we'll catch you on the flip side. Fire Nation today's value bomb content was brought to you by noble and Fire Nation, successful entrepreneurs accomplish big goals, huge goals. That's why I created freedom journal to guide you in accomplishing your number one goal in a hundred days and we're talking step-by-step so visit the FreedomJournal.com.
0 (41m 41s):
Use promo code podcast free $15 discounts. And thank you for listening to my podcast and I will catch you there or I'll catch you on the flip side. Get your focus back, sleep better and block out the unhealthy effects of blue lights with BluBlox, blue light blocking glasses. Get 20% off by going to BluBlox.com/fire or enter code FIRE20 at checkout that's BLUBLOX.com/fire for 20% off or just use the code FIRE20 customers want more from brands delivering more means owning the customer experience, taking control over data acquisition analysis, creative and delivery, Klaviyo calls, this owned marketing, and they believe it's the best path to growth for more visit Klaviyo.com/fire that's KLAVIYO.com/fire.
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