This week, OpenSea – the hub for NFT s– suspended trading of digital assets related to Rihanna’s iconic song “Bitch Better Have My Money,” which has amassed over a billion plays on streaming networks since its 2015 release. The international hit was co-created by one of pop music’s greatest stars.
NFTs Collection Aimed To Distribute Part Of The Royalty Of A Famous Song By Rihanna
Last week, the AnotherBlock platform unveiled its collection consisting of 300 Non-Fungible Tokens (NFTs). By playing Rihanna’s song “Bitch Better Have My Money,” 0.99% royalties are distributed to NFT holders, equating to a paltry 0.0033%. According to data from Thursday 16th, there have been nearly 679.5 million plays on Spotify, potentially resulting in an annual return of up to 6.8% for these sold-out crypto assets, which were initially priced at US$ 210 each!
Andreas Bigert, who is the head of community and growth at AnotherBlock, had a response from OpenSea that stated that the NFTs were not following the terms set by their marketplace. He also said it appeared to promise fractional ownership and future profit because of this possession.
OpenSea has disregarded AnotherBlock’s attempts to fix the issue, despite collections like Royal.io’s copyright NFT platform being available and free on the marketplace. The 3LAU-owned platform saved a Canadian artist from a $62,000 debt by tokenizing copyrights for songs from Nasir Jones (Nas) and Corite, in which revenue is shared between artists and fans alike. Bigert further commented on these other platforms but emphasized that OpenSea should no longer ignore this ongoing problem.
OpenSea Move Sparked A Backlash From The Community
OpenSea’s suspension of the Rihanna‘s “Bitch Better Have My Money” NFTs provoked another vocal opposition from AnotherBlock CEO Michel Traore, who took to OpenSea’s Discord channel and proclaimed that they had used similar language previously.
AnotherBlock, a music community, recently introduced an array of musical NFTs, including their popular single “Weekend on a Tuesday.” Each of the 250 NFTs comes with 0.02% in streaming revenue to its holders, as reported by Cointelegraph!
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