Does anyone have a handle on the legal side of Royal music NFTs? Is an LDA similar to what Opolous or Republic call an S-NFT? Is Royal registered under U.S. Regulation Crowdfunding? I can't find in their docs.

Founder @withBackdrop, enabling more digital painters, gardeners, and explorers

It is not a security so not registered. It’s a fully on chain contract containing rights to streaming income. The contract is linked from each token.

Using the royal app or directly on chain each owned can claim royalties as they are released

Royal.io founder, curiouser and curiouser

Got it, thanks for the reply! And yeah I read the linked contract, very cool. Is there anything different about the kinds of songs you can sell in this way vs the S-NFTs you see on Opolous/Republic?

This is a big topic among private market securities folks. Many experts would argue that Royal is offering unregistered securities as their product checks all the prongs of the Howey Test and they should be utilizing some of the private market exemptions (e.g. reg CG or reg A)