Deputy, the multi-platinum music producer who worked with Kanye West, Travis Scott, and WondaGurl to produce Rihanna’s top hit song “B**** Better Have My Money,” opted to offer a percentage of his streaming royalties to fans via anotherblock.
anotherblock is a platform that works with rightsholders (producers, composers, artists, and so on) that give it a portion of their streaming rights. These rights are then fractionalized and distributed as NFTs on the blockchain.
Holders of NFTs will then get regular payouts every six months depending on the streaming revenue, allowing everyone to invest in their favorite music.
And that’s exactly what Deputy did; on February 9, 300 royalty-linked NFTs tied to Rihanna’s hit went up for sale on anotherblock for $210 each.
According to a tweet posted by anotherblock, the whole collection sold out in a matter of minutes during the allowlist sale.
According to the company, each holder can now expect to earn a fraction of 0.0033% of the streaming royalties, with the first payout scheduled for February 16.
Aside from that, the NFT comprises a real-world legal contract that specifies the conditions of the streaming royalties and guarantees real-world ownership; a one-of-a-kind piece of artwork designed by NFT artists; and a custom soundtrack.
Web3 integrates and provides new options for musicians to gain visibility and add a new revenue stream to their repertoire. So far, several initiatives have made their voices heard, and many relevant musicians have endorsed them.
Last month, Indian singer A. R. Rahman has announced the upcoming debut of his Web3 platform, KATRAAR, whale singer Usher and Rémy Martin collaborated to launch a limited-edition bottle and NFT on BlockBar last July.