Rihanna’s most famous song was sold as NFT royalties before the Super Bowl – Cryptopolitan
The Super Bowl Halftime Show on February 12th will mark Rihanna’s first live performance since 2017. It brings a benefit to the crypto community and NFT collectors. A popular song by Rihanna was made available as a non-fungible token (NFT) on Thursday by Web3 music startup anotherblock.
NFT enables holders to collect a percentage of streaming royalties. Additionally, the new platform partners with rights holders, such as artists, producers and writers, to sell a portion of their streaming royalty rights as fractional NFTs.
Rihanna is making a comeback at the 2023 Super Bowl
There are only a few days left until the start of the match. The LVIIth Super Bowl is fast approaching, and both teams and spectators are preparing. The Philadelphia Eagles and Kansas City Chiefs meet at State Farm Stadium in Glendale, Arizona in just a few days.
State Farm Stadium in Glendale, Arizona, home of the Arizona Cardinals, will host this year’s Super Bowl. On Thursday, Rihanna appeared at a press conference for the 2023 Super Bowl in Phoenix, Arizona. During the press conference, she gave fans a preview of her anticipated halftime show this weekend.
Rihanna joins Dr. Dre, Snoop Dogg, Eminem, Mary J. Blige and Kendrick Lamar, who performed last year at the Super Bowl LVI halftime show in Los Angeles, California. The Super Bowl usually begins at 6:30 PM ET. Therefore, the halftime show will likely take place between 8:00 PM and 9:00 PM ET.
Details of the NFT royalties
According to Etherscan contract data, a small portion of the proceeds from Rihanna’s blockbuster song “Bitch Better Had My Money” was recently allocated to 205 individuals via 300 Ethereum NFTs in a collection that sold out on Thursday.
Jamil “Deputy” Pierre, who co-produced Rihanna’s 2015 single with Kanye West, appears to have recruited the help of Europe-based crypto firm AnotherBlock to sell 0.99% of the streaming royalty rights to the song in exchange for 300 NFTs.
According to a press release, the song has accumulated nearly one billion streams across music-sharing platforms since its initial release in the US.
The 300 royalty-linked NFTs were available for purchase on Thursday at 12pm EST / 5pm GMT for $210 each. According to the firm, each holder will earn “a portion of 0.0033% of streaming royalties” for the music.
The company estimates that holders will receive their first royalty payment on February 16 and will receive payments every six months based on streaming revenue.
Under the terms of the contract, the deputy engaged AnotherBlock to manage the NFT coin on his behalf. The contract also authorizes the secondary sale of NFTs and stipulates that the proxy must pay NFT holders their pro rata share of any streaming royalties received at least twice a year.
Collectors of NFT will receive one-of-a-kind artwork created by an NFT artist, a special music track, and “a real-world legal contract that defines the terms of streaming royalties and ensures the NFT holder’s beneficial ownership.” In addition, holders have exclusive access to a gated Discord community, real world events and upcoming NFT releases.
According to the AnotherBlock website, “likely” NFT holder returns for the Rihanna song are about 6.5% per year, which equates to distributions of about $13.65 per year. This indicates that it will take a buyer around 15 years to return the initial purchase, indicating that this decline is more likely to be perceived as a new Web3 experience for Rihanna fans than as an actual financial investment.
However, selling part of the music rights as NFTs is not a new idea. For example, Justin “3LAU” Blau’s Web3 music platform Royal raised $16 million in 2021 and debuted its anticipated music rights marketplace in November 2022 after receiving $16 million in 2021. Since then, Royal has reportedly paid over $132,000 in royalties to its NFT collectors.
