Rihanna’s royalty-sharing NFT revolutionizes the music industry
Global hit singer Rihanna shakes things up in the world of music and NFT after her hit song “B**** Better Have My Money” became available as an NFT to 300 lucky collectors last week. The drop came as a contribution to the #web3 based activities surrounding the Superbowl, which she will perform at tonight!
The Caribbean hit maker’s song became available to mint on web3 music NFT platform, anotherblock.io on the 9th of February. The collection minted out (sold out) within minutes. This is no surprise as Rihanna’s music has billions of streams worldwide and has spent 60 weeks at number one in the US charts.
More Than Music
The NFT itself allows owners to own a share of Rihanna’s Billboard charting songs meant for all future streams of the charting song. The collection of 300 was sold for a reasonable price of $210 which made for an easy sell-out while adding massive value to the wallets of those collectors.
The exclusivity of the collection makes the song a luxurious and high-value asset to match the theme of the song. In addition, the owners will enjoy 0.0033% royalty payment every 6 months for all streaming revenue that the song makes. According to tweets from the anotherblock.io Twitter page, users can expect to receive their first royalty payment in 6 months, while collectors from other NFT drops will get their first payment on the 16th of February for that last-minute valentines gift. Now that’s what I call utility!
The song itself has a grand total of 1 billion + streams across platforms so initial investors can expect to make a pretty penny as the track is played by fans over and over again in the future. Collectors can expect to earn anywhere between 6.1% and 6.8% according to figures on the anotherblock.io website.
Sharing is Caring
It was actually the producer of Rihanna’s catchy song who offered fractions of his shares which made the utility music NFT possible. “Deputy” whose music talents make the song what it is sold 1% of his shares to anotherblock.io. The music Dapp then wrote the smart contracts to make royalties available to those 300 owners who are expected to enjoy the secondary sales of this ‘First Of Its Kind’ NFT.
The NFT is minted on the Ethereum blockchain through anotherblock.io decentralised platform. The NFT artwork features a 3D video clip of Rihanna's inked-up hand holding a block spinning on its axis to reveal the creative collaborations that went into making this collection possible.
anotherblock.io
Let's take a moment away from the glitz and glamour of celebrity media and appreciate the technology behind the NFTs which allows for this fractionalised NFT to happen.
The platform allows you, the fan, to invest in the shares of the music you love through the use of Smart Contracts. Specifically, the artists, (in this case Deputy) sell part of their shares to anotherblock.io and then decentralised Dapp sells these shares as an NFT on their platform.
Collectors can then begin to earn a specified percentage of the royalties made by the songs. This means every time a royalty is paid when the song is streamed the collector will be paid the specified percentage for that on the anotherblock.io platform. Thanks to the Ethereum blockchain, collectors can sell their NFTs on third-party marketplaces such as opensea.io
Give Us Utility
Other than the NFT producing lifelong residual earnings for holders, the NFT also comes with additional perks. Some of the most notable perks include an In Real Life (IRL) contract explaining all the terms and conditions of the streaming royalties. Perks also include access to IRL events, and exclusive discord community and NFT airdrops.
Keep following the #WTFCrypto to watch the evolution of #web3 music reach your ears in a timely fashion. You can find me on socials Lorae K and @Lorae_Kn on Twitter. Remember to browse my collection of NFTs including the #HowToManifestLikeAGod NFT which comes with a free book sent directly to your home. Available on opensea
