Rihanna's 2015 single's royalty right NFT collection reportedly sold out "in a few minutes."
Jamil “Deputy” Pierre, music producer and songwriter who wrote songs for artists like NeYo, Flo Rida, and J-Cole, has partnered with the music royalty non-fungible token (NFT) platform anotherblock to sell royalty rights to Rihanna’s 2015 single “B*tch Better Have My Money.”
Through the 300 NFT collection, the music producer reportedly sold 1% of his stake in the song’s streaming royalties. With the purchase, each customer received a 0.0033% lifetime share in royalties for “B*tch Better Have My Money.” The NFT holders are set to obtain their cut on the song when it is streamed on digital platforms like Spotify or Apple Music.
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The collection went live on February 9th and retailed for 0.128 ETH (around $210). Shortly after the launch, anotherblock revealed that NFTs had sold out “in a few minutes.”
According to the Etherescan contract data, 209 people bought the collection, with the best offer for the NFT worth 0.4769 ETH (around $737).
On the official anotherblock's “B*tch Better Have My Money” page, the company predicted that users should expect a first-year return of 6.5%, worth around $14.
It is estimated that it would take NFT owners about 15 years to break even on the initial investment. Therefore, it could be assumed that this initiative was launched more for Rihanna’s superfans as a fun Web3 experience than a real financial investment.
The move comes only days before Rihanna’s show at Super Bowl LVII Halftime Show. The February 12th performance marks the nine-time Grammy winner’s first live performance since 2017.
It is worth noting that this year for Super Bowl LVII and crypto fans will be different. There will be no crypto-related ads. Crypto ads during the Super Bowl emerged last year, with some viewers calling the event “Crypto Bawl.”