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

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)

founder at Co:Create Ink (CoCreate.ink). Elevating the artistry of tattoos, blending tradition with technology

For instance, Royalty Exchange has a similar product and they utilize a securities exemption (which is different from non-registration) to offer royalty streams as an investment product to individuals.

The argument supporting Royals product as not being a security hinges on the “common enterprise” prong within the howey test as I understand it, namely that streams of a song are not centrally controlled and so no common enterprise is responsible for the “expectation of profit.”