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The delisting follows the offering of the hit’s producer Jamil “Deputy” Pierre to sell his rights to the song to another NFT marketplace that specializes in music royalty rights, AnotherBlock.
OpenSea, the world’s first and largest digital marketplace for crypto collectibles and non-fungible tokens (NFTs), has delisted the NFT collection that features royalty rights from Rihanna’s song “Bitch Better Have My Money” released back in 2014.
As OpenSea representatives have said, sales were halted because Rihanna’s NFTs went against its terms of service, “appearing to promise fractional ownership and future profit based on that ownership.”
The delisting follows the offering of the hit’s producer Jamil “Deputy” Pierre to sell his rights to the song to another NFT marketplace that specializes in music royalty rights, AnotherBlock. As many as 300 NFTs were minted, and all of them sold out within a few minutes of their release. Each NFT was priced at $210, which means the team generated a total revenue of as much as $63,000. Those who managed to buy the collectibles (209 people) got ownership of 0.0033% of the streaming royalties per NFT.
According to AnotheBlock, the song’s NFT holders will receive their initial payouts on February 16. The investment is expected to generate between 6.1% and 6.8% in revenue per annum.
sold out in a few minutes on the allowlist sale
our community is absolutely amazing without you guys this would never have been possible
▪️ our upcoming pipeline of music drops is absolutely amazing rest assured
▪️ the 16th of feb our first holders will receive the first payout pic.twitter.com/pCPSOopvsV
— anotherblock (@anotherblock_io) February 9, 2023
AnotherBlock is a startup that provides a blockchain-based platform to decentralize music rights connecting non-fungible tokens to royalty rights. Founded in 2021 by Michel D. Traore, Sebastian Ljungberg, and Filip Strömsten in Stockholm, the company was built upon the idea that accessing 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 an an NFT collection, AnotherBlock sold other music NFTs, including Ric Flair Drip by Offset and Metro Boomin, Alone PT. II by Alan Walker and 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 represents a novel 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 to create a more direct connection between artists and token holders. In other words, instead of going through an intermediary, like 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, boosting artist incomes, reducing piracy, and creating a direct and supportive relationship between musicians and fans.
Among the most popular and reliable music NFTs marketplaces are OpenSea, Rarible, Nifty Gateway, LimeWire, and Catalog.