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Rihanna's Producer Sells Music NFTs Successfully

Explore how Rihanna's producer leveraged NFTs to revolutionize music royalties and earn revenue through blockchain technology.
Published on 2023-02-10

Introduction to Music NFTs

Rihanna’s producer, Jamil “Deputy” Pierre, made headlines by selling 300 music NFTs in collaboration with the European crypto startup, AnotherBlock. These NFTs offer a unique stake in the song's royalties, marking a significant innovation in the music industry.

Successful NFT Sale

The project involved minting 300 NFTs related to Rihanna's popular track, "Bitch Better Have My Money." All NFTs were sold out within minutes, showcasing the high demand and interest in this innovative approach. Each NFT was priced at $210, contributing to a total revenue of $63,000 during the initial sales phase.

Revenue and Ownership

NFT holders gain a share of the streaming royalties, approximately 0.0033% per NFT. This arrangement allows owners to earn revenue every time the song is streamed, illustrating the practical use of blockchain technology and NFTs in revolutionizing music royalties.

Blockchain Technology in Music

This venture reflects the growing trend of utilizing blockchain and NFTs within the music and entertainment industry. By offering digital ownership and revenue-sharing opportunities, artists and producers are exploring new ways to monetize their work and engage with fans.

Conclusion

The rapid sell-out of these NFTs indicates a promising future for blockchain applications in music. As artists continue to explore these opportunities, NFTs could reshape how music rights and royalties are managed, offering new revenue streams and ownership possibilities.

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