OpenSea removes NFTs featuring Rihanna’s music
The delisting follows the offer by hit producer Jamil “Deputy” Pierre to sell his rights to the song to another NFT marketplace specializing in music royalty rights, AnotherBlock.
OpenSea, the world’s first and largest digital marketplace for crypto collectibles and non-fungible tokens (NFT), has removed the NFT collection that holds royalty rights from Rihanna’s song “Bitch Better Have My Money” released back in 2014.
As OpenSea representatives have said, the sale was halted because Rihanna’s NFTs violated the terms of use, “appearing to promise fractional ownership and future profits based on that ownership.”
The delisting follows the offer by hit producer Jamil “Deputy” Pierre to sell his rights to the song to another NFT marketplace specializing in music royalty rights, AnotherBlock. As many as 300 NFTs were minted and all sold out within minutes of release. Each NFT was priced at $210, meaning the team generated a total income of as much as $63,000. Those who managed to purchase the collectibles (209 people) gained ownership of 0.0033% of streaming royalties per NFT.
According to AnotheBlock, the song’s NFT holders will receive their first payouts on February 16. The investment is expected to generate between 6.1% and 6.8% in income per year.
sold out in minutes on the approval list sale
Our community is absolutely fantastic without you, this would never have been possible▪️ Our upcoming pipeline of music drops is absolutely amazing, rest assured
▪️On February 16, our first holders will receive the first payment pic.twitter.com/pCPSOopvsV
— anotherblock ◼️ (@anotherblock_io) 9 February 2023
AnotherBlock is a startup that provides a blockchain-based platform to decentralize music rights that links non-fungible tokens to royalty rights. Founded in 2021 by Michel D. Traore, Sebastian Ljungberg and Filip Strömsten in Stockholm, the company was built on the idea that access to music rights should be easy, accessible and democratic. By connecting music rights to NFTs, AnotherBlock aims to create a smooth and easy way to both buy and sell music rights – a community of music lovers building rights catalogs together with artists.
Before selling Rihanna’s hit in an NFT compilation, AnotherBlock sold other NFTs for music, including Ric Flair Drip by Offset and Metro Boomin, Alone PT. II by Alan Walker & Ava Max, Acquainted by The Weeknd, and Weekend On A Tuesday by R3hab & Laidback Luke.
How can NFTs transform the music industry?
Music NFTs are a new trend in the NFT space that represent a new way to collect, sell and share music. They can help musicians monetize their work by creating unique digital assets, which can be traded on NFT marketplaces, as well as allow fans to become token holders with proof of ownership for a song they like.
Music NFTs help create a more direct connection between artists and token holders. In other words, instead of going through an intermediary such as a record label or streaming service, fans can directly promote the artists they love by purchasing their music NFTs. This leads to an intimate, direct relationship between artists and their fans and the creation of a vibrant and supportive music community.
In general, music NFTs have the potential to positively transform the music industry for both creators and listeners, increasing artist revenue, reducing piracy and creating a direct and supportive relationship between musicians and fans.
Among the most popular and trusted music NFT marketplaces are OpenSea, Rarible, Nifty Gateway, LimeWire and Catalog.
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