NFT versions of Rihanna’s triple platinum hit “Bitch Better Have My Money” have been sold off to fans. Traded on anotherblock, the tokens come with royalty sharing courtesy of the song’s producer, Deputy. Learn more about this exciting, high profile drop right here.
Producer of Rihanna’s top hit, “Bitch Better Have My Money”, Deputy, has given away a portion of his streaming royalties attached to the track. 300 fans can now share in the wealth generated by this fractional Rihanna NFT.
On Thursday the 9th of February, a collection of 300 Rihanna NFTs sold out within minutes of being made available. The drop was made just a few days before the singer was due to perform at the prestigious Super Bowl half-time show. However, it wasn’t Rihanna herself selling off these NFTs, and is seemingly not connected to the sale by anything more than her name.
The drop was down to the producer of the track, Jamil “Deputy” Pierre. His first venture into NFTs, Deputy partnered with anotherblock to sell 0.0033% of his streaming royalties at $210 a pop. All 300 NFTs sold out pretty instantaneously. As a result, $63,000 of revenue was generated for anotherblock. The first payout of royalties will be sent to collectors on the 16th of February.
Upon buying one of the NFTs, fans received unique artwork created by an NFT artist, as well as a custom music track and “a real-world legal contract specifying the terms of the streaming royalties and guaranteeing real-world ownership for the NFT holder.” Community is a significant aspect of NFT ownership. Collectors also gain access to a gated Discord server. Additionally, priority to real-life events as well as new NFT drops come as a perk.
The Small Print
Holders of a Rihanna NFT can expect to collect streaming royalties for life. BBHMM has streamed over 673 million times on Spotify. According to figures on anotherblock’s website, holders can expect a return of between 6.1% and 6.8%. However, there are no facts or figures given to explain this prediction. This generous return prediction should be approached with caution. Yes, the drop is an exciting opportunity for fans to feel connected to Rihanna, or invest in an iconic piece of 21st century music. However, the rights being sold do not belong to Rihanna herself.
Does this make it a Rihanna NFT at all, then? If you’re going to invest in streaming NFTs, then DYOR. Deputy is one of four listed producers on BBHMM. With this in mind, the .0033% royalty share will be a fraction of another fraction. Typically, producers receive a few percent when it comes to the master rights of a track they worked on. Figure in cuts taken by managers, and other business associates, and that initial percentage you’re taking .0033% from gets smaller. Food for thought.
After the first payout, collectors will receive their fractionalised royalties every six months.
You can still purchase one of the 300 NFTs on the secondary market on anotherblock. Copies are available for around 0.95 ETH, or $1,411.77 at the time of writing this article.
The Music Industry & NFTs
NFTs have become more and more prevalent throughout the music industry. Music NFTs come in various forms. For example, album artwork to fractionalised streaming royalties to concert tickets. Underpinning all of them is a devoted and dedicated community of fans and music lovers.
A number of high profile artists and bands have taken steps into the NFT space. In September last year, Muse became the first band to reach number 1 with an NFT album.
Utilising blockchain technology, with its global and immutable nature, means transactions can be executed directly between artists and fans. Consequently, independent and major artists alike can access revenue without middlemen. The connection between fan and artist has never been closer.
Music Streaming NFTs
At Fractis, we get the most excited about music streaming NFTs.
Using this exciting new technology to let fans have a piece of their favourite music is paving the way toward a new, fairer industry. Certainly, you don’t need to be a huge investment firm, like Hipgnosis, to own music royalties any more.
Music streaming is hugely valuable. With digital streaming accounting for 65% of global revenue for recorded music, it’s a good time to own a slice. Royalty sharing presents a number of advantages to both fans and artists, too. A productive asset class, music streaming NFTs earn collectors a passive income. They continually produce value in and of themselves, whilst being a really cool thing to own!
Not all sales of fractionalised music streaming NFTs have to be high profile artists, like Rihanna for instance. Independent and newer musicians can take advantage of the technology as well.
If fans believe in an artist or group, they can invest in them and become devoted promoters with a stake in their success. Fans are motivated to shout more about an artist. Then, that artist will get more streams on Spotify and the like. This results in more streaming revenue. Artists enjoy instant revenue, which can fund musical projects. It’s a win-win all round!
If you want to get involved in music streaming NFTs, sign up to Fractis now.
Be first in line to join an exciting NFT marketplace built with fans and artists in mind. Start your collection, whilst making the music industry a better place!