Guy J, who is a house producer, has sold an NFT offering 50% of the royalties coming from the streaming from an exclusive single to token buyers.
A news article on Cointelegraph said that music streaming platform Rocki, which is crypto powered, sold its first royalties. Guy J did it through royalty income right NFT. It is a token system, where the buyer gets a 50% share of the royalties generated from a streaming track.
The house producer of the Malta-based progressive house Guy J has issued the token system titled Cotton Eyes. It is an ERC-721 royalty income auctioned with an ERC-1155. The listening rights tokens let the winning bidder stream songs for free.
Red Pill Finance is a publisher of financial literacy, had put up this tweet on Guy J selling token for the royalties for buyers.
"The crypto-powered music streaming platform Rocki has sold its first “royalty income right NFT” —a token granting its owner a 50% share in all royalties generated by a specific track's streams on the site."
— Red Pill Finance (@FinanceRedpill) December 17, 2020
The tokens were sold on Bounce.finance for 40 Ether that is a decentralized auction protocol. They were worth more than $25000 yesterday as ETH hit a new high in 2020. Guy J said that the concept made him intrigued.
Guy J has been excited about getting involved with new technologies infused in music. Besides, the services provide artists revenue streams, enabling them to have a more fan base. Bjorn Niclas, the Rocki CEO and co-founder added that the royalties give a new dimension for artists’ revenues besides engaging fans.
The size of the audience does not matter because they can capitalize on an existing fan base. Now with the NFTs, artists can move ahead flawlessly. The platform has seen more than 25000 tracks getting uploaded by thousands of artists who want to use the opportunity.
The platform has not yet launched a public Beta access. It is a new development for the music industry that has been badly affected due to the pandemic. Now, artists can use the token system and sell their music for decent rates and engage better with more fans.
An excellent example of that would be electronic artist deadmau5 partnering two token launches past week. On December 16th, deadmau5 inaugurated collectible tokens on WAX Blockchain. The 10 NFTs were priced at $9.99, and 30 tokens packs sold for $28.40.