The Super Bowl Halftime Show on February 12 will mark Rihanna’s first live performance since 2017. It confers a benefit to the crypto community and NFT collectors. A popular song by Rihanna was made available as a non-fungible token (NFT) on Thursday by Web3 music startup anotherblock.
The NFT enables holders to collect a percentage of streaming royalties. In addition, the new platform collaborates with rights holders, such as artists, producers, and writers, to sell a portion of their streaming royalty rights as fractionalized NFTs.
Rihanna makes a comeback in the 2023 Super Bowl
There are only a few days left till kickoff. The LVIIth Super Bowl is quickly coming, and both teams and spectators are preparing. The Philadelphia Eagles and Kansas City Chiefs will meet at State Farm Stadium in Glendale, Arizona, in just a few days.
State Farm Stadium in Glendale, Arizona, which is the home of the Arizona Cardinals, will host this year’s Super Bowl. Thursday, Rihanna appeared at a press conference for Super Bowl 2023 in Phoenix, Arizona. During the press conference, she provided fans with a preview of her anticipated halftime show performance this weekend.
Rihanna follows Dr. Dre, Snoop Dogg, Eminem, Mary J. Blige, and Kendrick Lamar, who performed last year in the Super Bowl LVI halftime show in Los Angeles, California. The Super Bowl typically begins at 6:30 p.m. ET. Therefore the halftime performance will likely take place between 8:00 and 9:00 p.m. ET.
Details on the NFT Royalties
According to Etherscan contract data, a tiny portion of earnings from Rihanna’s blockbuster song “Bitch Better Had My Money” have recently been allocated to 205 individuals via 300 Ethereum NFTs in a collection that sold out on Thursday.
Jamil “Deputy” Pierre, who co-produced Rihanna’s 2015 single with Kanye West, appears to have recruited the aid of Europe-based crypto firm AnotherBlock to sell 0.99% of his streaming royalty rights to the song in exchange for 300 NFTs.
According to a press release, the song has accumulated nearly one billion streams across music-sharing platforms since its first release in the United States.
The 300 royalty-linked NFTs were available for purchase on Thursday at 12 p.m. EST / 5 p.m. GMT for $210 each. According to the firm, each holder will earn “a part of 0.0033% of the streaming royalties” for the music.
The company estimates that holders will get their first royalty payment on February 16 and will receive payments every six months based on streaming income.
According to the terms of the contract, Deputy engaged AnotherBlock to manage the NFT mint on his behalf. The contract also authorizes secondary sales of NFTs and stipulates that Deputy must pay NFT holders their proportional share of any streaming royalties received at least twice a year.
Collectors of the NFT will receive one-of-a-kind artwork made by an NFT artist, a special music track, and “a real-world legal contract defining the terms of the streaming royalties and assuring the NFT holder’s real-world ownership.” In addition, Holders have exclusive access to a gated Discord community, real-world events, and upcoming NFT releases.
According to the AnotherBlock website, “likely” NFT holder returns for the Rihanna song are approximately 6.5% per year, which corresponds to distributions of approximately $13.65 per year. This indicates that it would take a buyer around 15 years to return their initial purchase, indicating that this drop is more likely to be perceived as a novelty Web3 experience for Rihanna fans than as an actual financial investment.
However, selling a portion of music rights as NFTs is not a new idea. For instance, Justin “3LAU” Blau’s Web3 music platform Royal raised $16 million in 2021 and debuted its anticipated music rights marketplace in November 2022 after having received $16 million in 2021. Since then, Royal has reportedly paid over $132,000 in royalties to its NFT collectors.
