Web3 Music Startup offered a non-fungible token (NFT), for a popular Rihanna song. Another block On Thursday, holders will be able to receive streaming royalty payments in part. This platform allows rights holders (including artists, producers, and writers) to devest a portion of their streaming royalty rights. These rights are offered as fractionalized non-financial transfers.
Music producer DeputyKanye West, Travis Scott, and WondaGurl collaborated to create Rihanna’s 2015 hit single “B **** Best Have My Money”. Now, he is giving a portion his streaming royalties to collectors through anotherblock.
When it was first released, the track went triple platinum in America. It has since been streamed almost 1 billion times across all music sharing platforms. Press release.
The 300 NFTs that were royalty-linked were Available for purchase Beginning at 5 p.m. GMT/12:00 EST on Thursday, the price per piece will be $210. The company stated that each holder will be paid a percentage of streaming royalties for the song at 0.0033 percent.
The company tweeted that the collection was sold out within minutes.
The company stated that the first royalty payment will be made to holders on February 16th. They will then receive six monthly payments based on streaming revenue.
Collectors of NFT will be given unique artwork by NFT artists, along with a custom-made music track and a “real-world legal contract” that specifies the terms of streaming royalty payments and guarantees real-world ownership to the NFT holder.
Holders have access to a Discord community and real-world events, as well as priority access for NFT releases.
NFT drops ahead of Rihanna’s Super Bowl LVII performance Sunday.