Rihanna song royalty rights sold as NFT

Tokenized on the Ethereum blockchain is 0.99% of the rights to one of Rihanna’s most famous songs, which have been sold as NFTs.

In recent months we can observe how NFTs play a fundamental role in various industries, this time it is with respect to the music industry.

Tokenization has become a new way to monetize the work of artists and creators, who can quickly and easily prove ownership rights, thanks to blockchain technology.

The famous pop singer will perform her first live performance at the Super Bowl 2023 on February 12, after having performed her last one in 2017.

On this occasion, he has released his limited edition digital collectibles of his hit song “‘B****’ Better Have My Money” (BBHMM).

This musical work went triple platinum in the United States upon its initial release. To date, it has accumulated around one billion plays on various music streaming platforms.

As soon as Rihanna’s music producer announced the release of the small fraction of royalties (as little as 0.99%) as NFTs, they sold out on Thursday, February 9 having been sold to 205 people. The collection consists of a total of 300 non-fungible tokens.

Jamil Deputy Pierre, the producer of Rihanna’s best known song of 2015 in conjunction with Kanye West, made a partnership with the company AnotherBlockto sell 0.99% of the song’s streaming royalties. Jamil in addition to having been a producer, also owns a fraction of rights to the song.

The 300 NFTs went on sale on Thursday, February 9 for $210 each. In a matter of hours they were completely sold out all of the collectibles in the collection, collecting approximately $63,000 in revenue. In this way, each NFT holder receives a portion of 0.0033% of the royalties per transmission.

AnotherBlock is a Web3 music startup that enables owners of NFTs to earn partial streaming royalties. This platform works in conjunction with rights holders, including artists, producers, writers, in order to market a percentage of their royalty rights as digital collectibles.

In this way, the owners of musical pieces determine the percentage of the rights they intend to tokenize, while AnotherBlock is in charge of the development of the smart contracts on the Ethereum blockchain.

The holders of each NFT have secured ownership of the corresponding percentage of the copyright, and will receive royalties on the song for life.

The approximate date for holders to receive their first royalty payment has been set as February 16, according to information provided by the Company. Thereafter, they will receive subsequent payments every six months according to the revenues obtained from transmission.

Currently, these NFTs can be found in some of the most important marketplaces, such as in OpenSeawhose average selling price at the time of writing this article is around 0.85 ETH.

IMPORTANT: NFTEXPRESS only publishes articles for informational purposes. Nothing herein contains the character of recommendation or promotion of any type of investment for the reader. Before making any kind of investment, it is recommended to consult with a specialist in the matter.

Written by Luciano Garriga (TW:@luchogarriga) for NFT Express