Producer Guy J sold tokens representing royalties from his new track for 40 ETH
The Maltese progressive house producer has decided to sell an NFT that guarantees the holder 50% of the royalties from streaming one of his new songs
Music streaming crypto platform „Rocki“ has sold its first „Royalty Income Right NFT,“ a token that guarantees its owner 50% of all royalties generated from the streams of a specific track.
The token corresponds to a track titled „Cotton Eyes,“ released exclusively on Rocki by Maltese progressive house producer Guy J.
The ERC-721 token was auctioned along with an ERC-1155 token, dubbed „Listening Right,“ which allows the highest bidder to listen to the song for free.
The tokens were sold on the decentralized auction house Bounce.finance for 40 Ether, or about $26,000 at the time of this writing. Guy J said he was intrigued by the idea:
„I’ve always been interested in new music technologies and services that provide artists with new revenue and increase fan engagement.“
Rocki CEO and co-founder Bjorn Niclas described his royalty tokens by stating:
„Regardless of the initial size of their audience, artists can capitalize on their fanbase with the introduction of music NFTs.“
After coming out of stealth mode last month, the Rocki platform had more than 30,000 tracks uploaded by „several thousand“ independent artists. However, the platform has yet to release the public beta, although Rocki claims this feature will be rolled out „soon.“
The dance music industry is experimenting more and more with NFTs: just look at what producer deadmau5 has done, collaborating on two token launches in the past week.
On December 16, deadmau5 launched collectible tokens on the WAX blockchain: there were packs of 10 NFTs priced at $9.99 and 30 tokens sold for $28.40. The tokens were issued the day after a 30-second audio-reactive artwork, created by artist Sutu, was launched on the NFT SuperRare marketplace accompanied by a sound loop of deadmau5’s SATRN track.