The non-fungible token (NFT) market continues to gain momentum in the music industry. Web3 music startup anotherblock recently offered a popular song by music artist Rihanna, “B**** Better Have My Money,” as an NFT, which includes partial streaming royalties. The company works with artists, producers, and writers to offer fractionalized NFTs, giving fans the chance to invest in their favorite songs.
Music producer Deputy, who worked with Kanye West, Travis Scott, and WondaGurl to produce Rihanna’s hit single in 2015, granted a percentage of his streaming royalties to collectors through anotherblock. The track initially went triple platinum in the US when it was first released and has almost 1 billion streams across music sharing platforms.
The collection included 300 royalty-linked NFTs, priced at $210 each. Each holder will receive a portion of 0.0033% of the streaming royalties for the song, as well as unique artwork created by an NFT artist, 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.
The NFT drop was a resounding success, with the collection selling out in just minutes. Holders are expected to receive their first royalty payout on February 16, with payments occurring every six months based on streaming revenue. Holders can also access a gated Discord community, real-world events, and priority access for upcoming NFT releases.
The sale comes ahead of Rihanna’s Super Bowl LVII halftime performance on Sunday, adding even more excitement to the NFT offering. Several other music NFT services have gained popularity in recent months, including Catalog, a primary marketplace for single-edition music NFTs, Sound.xyz, a music NFT minting platform, and Royal, a music tokenization platform founded by DJ and entrepreneur Justin “3LAU” Blau.
The success of this NFT drop shows that fans are willing to invest in their favorite songs and artists, and the market is only set to grow in the future. As more artists and producers offer their music as NFTs, it will be exciting to see how this emerging market continues to develop.