Dance producer Guy J sells royalty rights token for 40 ETH
A progressive house producer from Malta has sold an NFT that grants the owner 50 percent in streaming revenue from a track.
Crypto music streaming platform Rocki has sold its first „royalty rights NFT“. The token grants its owner a 50 percent share of all royalties generated by streams of a particular track on the site.
The token belongs to the track „Cotton Eyes“, which was Bitcoin Billionaire released exclusively on Rocki by progressive house producer Guy J from Malta.
The ERC-721 token for the right to the royalties was auctioned together with an ERC-1155 token for the „listening right“, allowing the winner to stream the song for free.
The tokens were sold on the decentralised auction protocol for 40 Ether
That is currently worth US$25,600. ETH recently hit a new high for 2020. Guy J said he was intrigued by the concept:
„I’ve always been interested in new music technologies and services that offer artists new revenue streams and improve fan engagement.“
CEO and co-founder of Rocki Bjorn Niclas said the royalty tokens would open up new revenue streams for artists and encourage unique engagement with fans:
„Regardless of the initial size of their audience, artists can capitalise on their current fans with Music NFTs.“
Since its official launch last month, more than 30,000 tracks have been uploaded to the Rocki platform by „several thousand“ independent artists. However, the platform is yet to go into public beta. Rocki claims that the feature will be launched „soon“.
The dance music industry is increasingly experimenting with non-fungible tokens. Electronic artist deadmau5 launched two tokens last week.
On 16 December, deadmau5 launched collectible tokens on the WAX Blockchain. In the process, packs of 10 NFTs were sold for US$9.99 and packs of 30 tokens were sold for US$28.40. A day earlier, a 30-second audio-reactive artwork by reality artist Sutu accompanied by a sound loop from deadmau5’s track called SATRN was released on the SuperRare NFT marketplace.