NFT Space Now Welcomes Rihanna With Royalty Sharing Ahead of Super Bowl
Rihanna is the latest artist to join NFT Space, the world’s first music streaming platform that pays artists royalties in cryptocurrency. Ahead of her Super Bowl performance, the platform is sharing a royalty pool with Rihanna and her team that will be paid out in the form of NFTs.
The NFT space has seen a steep rise in adoption and exploration since 2021. With the digital space welcoming the digital creators, art has seen a numerous new stories. Starting from NFTs for sports team to big brands like Ferrari and others dabbling into the space for supporters engagement. Fast forward to today’s time; the producer of music and business mogul Rihanna’s famous song “B***h Better Have My Money has been using a portion of his streaming royalties from song to the collectors via anotherblock.
Anotherblock, which is a Web3 streaming platform, announced on Thursday, February 9, 2023 that Rihanna’s song was sold as an NFT which allowed the holders to receive partial streaming royalties. This new streaming platform works with the rights holders of a song. They including artists, producers along with the writers to spread a percentage of their streaming royalty rights. These royalties are offered as fractionalized NFTs.
Read More: This Week Of Crypto Twitter
View this post on Instagram
The superhit track from Rihanna, in collaboration with Kanye West, Travis Scott and WondaGurl initially went triple platinum in the U.S. when it was first released. According to a press release this Wednesday, the track has racked up almost 1 billion streams across various music sharing platforms.
The 300 royalty-linked NFTs of the track were available for collectors to purchase beginning at 5 p.m. GMT/12 p.m. EST on Thursday at a value of $210 a piece. The company said that every holder of this NFT will receive “a portion of 0.0033 % of the streaming royalties” for the song BBHMM.
The holders of the collection that sold out in minutes is expected to receive their first royalty payout on February 16, 2023, according to the company. After that the holders will be receiving payments for their NFTs every six months. The payment amount will be based on the streaming revenue.
sold out in a few minutes on the allowlist sale
our community is absolutely amazing without you guys this would never have been possible▪️ our upcoming pipeline of music drops is absolutely amazing rest assured
▪️ the 16th of feb our first holders will receive the first payout pic.twitter.com/pCPSOopvsV
— anotherblock ◼️ (@anotherblock_io) February 9, 2023
Apart from the streaming royalties, the collectors of the NFT will also receive unique artwork created by an NFT artist, as well as a custom music track and “a real-world legal contract specifying the terms of the streaming royalties and guaranteeing real-world ownership for the NFT holder.”
Additional Read: Most Searched Cryptos Worldwide
Not only that, holders will also be receiving access to a gated Discord community, real-world events and early access for upcoming NFT releases. The NFT drop comes ahead of Rihanna’s Super Bowl LVII performance that is scheduled on Sunday.
View this post on Instagram
Rihanna is not the first artist to have an NFT deal with one of her songs, Snoop Dogg and Eminem had walked the path with BAYC NFTs with their collab last year! Music NFTs have gained a lot of popularity in recent times. Some of the other Music NFT services available in the market are as follows.
- Catalog: a primary marketplace for single-edition music NFTs
- Sound.xyz: a music NFT minting platform
- Royal: a music tokenization platform founded by DJ and entrepreneur Justin “3LAU” Blau.
Source: CoinDesk
Related posts
Bitcoin Price Hits New All-Time High Following Fed’s 25-Basis-Point Rate Cut
Fed’s interest rate cut spurs crypto momentum, boosting Bitcoin and Ethereum prices.
Blum Secures Major Investment from TOP to Strengthen DeFi Presence in TON Ecosystem
TOP’s backing aims to accelerate Blum’s multi-blockchain expansion.
