- Rihanna’s producer sold 300 music NFTs in collaboration with AnotherBlock.
- NFT owners will own a stake in the song’s royalties and earn revenue every time the song streams.
- AnotherBlock raised $63,000 in revenue in the initial NFT sales.
Jamil “Deputy” Pierre, the producer of Rihanna’s hit song (Bitch better have my money), has collaborated with European crypto startup AnotherBlock to sell a fraction of his streaming rights as NFTs. The team minted 300 NFTs for the project, all of which sold out within minutes of their release.
According to data from Etherscan, 208 unique addresses hold all 300 NFTs for “Bitch better have my money” in a transaction that involved 458 different transfers. According to reports, the team sold each NFT for $210, allocating 0.0033% of the streaming royalties per NFT to the holders.
The new NFT owners will own a stake in the song’s royalties and earn revenue every time the song streams. That is a practical expression of the possibilities of blockchain technology and NFTs in the music and entertainment industry.
In the sales exercise that lasted only a few minutes, AnotherBlock raised $63,000 in revenue. The startup has since announced that NFT holders will receive their initial payouts on February 16, 2023, in an investment expected to generate between 6.1% and 6.8% in revenue per annum. “Bitch better have my money” has streamed over 673 million times on Spotify.
Information from their website shows that Rihanna’s “Bitch better have my money” is AnotherBlock’s fifth music NFT release. Its first music NFT project launched in August 2022, and since then, the value of the startup’s music rights catalog has increased by 16%.
Other music NFTs by AnotherBlock include 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.
The recent NFT drop is also timely, as the public expects Rihanna to perform at the Super Bowl half-time show in a few days. As reported, this will be her first stage performance in seven years.