Triple platinum 3.0 – The web3 musical startup Anotherblock collaborates with the producer Jamil Deputy Pierre, to offer NFT song related Bitch Better Have My Money (BHMM) by Rihanna, which has over a billion streams.
Rihanna’s Bitch Better Have My Money NFT Streaming Royalties
In a communicated on February 8, Anotherblock announced its collaboration with producer Jamil Deputy Pierre, to be able to distribute part of the streaming royalties of ” Bitch Better Have My Money to Rihanna fans in the artist’s first-ever NFT project.
In this context, Anotherblock proposed 300 NFTs based on Ethereum (ETH), at a unit price of $210, on February 9, at 5 p.m. GMT. According to data from Etherscan, 217 people hold these NFTs at the time of writing.
The press release recalls that Bitch Better Have My Money has been certified triple platinum in the United States when it was released in 2015, and charted in the top 10 in 8 countries. The song matters over a billion streams on all platforms.
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A break-even point of $6.36 million in streaming rights
A BHMM NFT allows its holder to receive, for life, 0.0033% streaming rights, from the original recording of the song. To be able to recover their initial investment, the first owners of these NFTs would therefore have to earn at least $210 fee on each token.
In other words, the total amount of streaming royalties should amount to at least $6,363,636 – or the unit price of the NFT at $210 during the mint divided by 0.0033%. This calculation does not take into account the royalties that the producer receives.
The Ownership Agreement for these NFTs does not specify Jamil Deputy Pierre’s streaming rights. Quoting a source familiar with the distribution of royalties in the traditional music industry, thearticle February 9 issue of Decrypt media reports that, generally, the total royalties a producer receives do not exceed 5%.
Regarding other terms of the ownership agreement, NFT holders can sell their tokens on secondary markets. In addition, Jamil Deputy Pierre will have to pay the related royalties, at least twice a year.
Beyond the financial component, NFTs allow artists to create new experiences, which allow them to strengthen their ties with their fans. The web3 thus offers new opportunities to the music industry which, in turn, contributes to the growth of this emerging sector.
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