OpenSea, the world's first and biggest digital platform for crypto memorabilia and non-fungible tokens (NFTs), has removed the non-fungible token (NFT) collection that incorporates royalties rights from Rihanna's song "Bitch Better Have My Money," which was released in 2014.
Rihanna's NFTs violated OpenSea's terms of service because they "appeared to guarantee fractional ownership & future profit depending on that ownership," as OpenSea executives have stated. As a result, sales were terminated.
The delisting (1) came from the offer made by the hit's producer, Jamil "Deputy" Pierre, to sell his rights to the track to AnotherBlock. This alternative trading platform specializes in the sale of music royalty rights.
There may have been as many as 300 NFTs created, but every last one was purchased just a few minutes after they were made available.
Because each NFT cost a total of $210, the group made a potential profit of up to $63,000 thanks to the sales of these items. Those who successfully purchased the collectibles (209 individuals), as determined by NFT, were awarded ownership of 0.0033% of the streaming earnings.
According to AnotheBlock, the initial payouts for the song's non-fungible token (NFT) holders will be distributed on February 16. The investment is anticipated to provide an annual revenue increase of between 6.1% and 6.8%.
AnotherBlock is a firm that aims to decentralize music rights by providing a blockchain-based platform that connects non-fungible tokens to royalty rights. The company was established in 2021 in Stockholm by Michel D. Traore, Sebastian Ljungberg, and Filip Stromsten on the premise that gaining access to music rights ought to be uncomplicated, widely available, and democratic.
AnotherBlock's goal is to establish a community of music fans who are creating rights catalogs together with artists by establishing a connection between music rights and NFTs. This will create a seamless and easy way to acquire and sell music rights.
Significance of NFTs for Music Space
Music NFTs are a novel way to buy and sell music, as well as a novel way to exchange music with other people, and they represent a new trend in the NFT market.
They can assist musicians in monetizing their work by developing one-of-a-kind digital assets that can be exchanged on NFT marketplaces. Additionally, they can make it possible for fans to become token holders and provide evidence of ownership for a song they enjoy listening to.
Music NFTs form a more immediate and personal link between artists and token holders. Fans can directly support the musicians whose work they enjoy by purchasing non-traditional forms of distribution (NFTs) of the artists' music rather than going through an intermediary such as a record label or streaming service.
This results in developing a personal, one-on-one connection between musicians and the individuals who enjoy their work, as well as a thriving and encouraging community within the realm of music.
Music NFTs can significantly reshape the music business for creators and listeners. This could include increasing artist incomes, reducing the amount of piracy that occurs, and establishing a relationship that is both direct and supportive between musicians and their fans.
OpenSea, Rarible, Nifty Gateway, LimeWire, and Catalog are some of the music NFTs markets considered to be the most reliable and popular.