It seems as if the world cannot escape the regal presence of Rihanna. First the family photo shoot in British Vogue then her Super Bowl performance paired with the announcement of a second pregnancy only six months after the birth of her first child…
To top it all off, royalties of the singer’s hit song “Bitch better have my money” are being sold as NFTs. Unsurprisingly, the collection sold out within minutes of the announcement.
The collection is a not a direct mint from Rihanna but rather stem from the song’s producer Jamil “Deputy” Pierre in collaboration with crypto startup AnotherBlock to sell a fraction of his own streaming rights to the song via 300 NFTs.
Each of the NFTs were being sold at $210, giving each collector ownership of 0.0033% of the streaming royalties to the song. Etherscan data shows transfers made of the token. Honestly, I wish I had bought one. It’s a smart investment seeing that the song has streamed over 673 million times on Spotify, and collectors can expect to pocket returns of between 6.1% and 6.8% in the first year, according to figures seen on AnotherBlock’s website.
“Bitch better have my money” is set to become the startup’s biggest NFT drop, barely six months after its first in August, according to a press release. The value of AnotherBlock’s music rights catalogue has jumped by some 16% since its first launch. Of the profits, AnotherBlock has made $63,000 so far. Holders were due to receive their first royalty payouts yesterday according to a company tweet last Thursday.
There are many beneficial ways in which NFTs can be utilised within the music industry. Royalty percentage sharing seems to be among the most popular, perhaps as it make the most sense with the web2 style consumption we are currently all familiar with. Although this is set to change.
