An NFT collection featuring royalty rights from her 2014 song “Bitch Better Have My Money” was taken down and delisted from OpenSea.
This week, an NFT collection containing the royalties from Rihanna’s 2014 song “Bitch Better Take My Money” was removed from OpenSea and delisted in preparation of her highly anticipated Super Bowl halftime performance.
Jamil “Deputy” Pierre, one of the song’s original producers, offered his rights to the song to AnotherBlock, an NFT marketplace that specializes in music royalty rights.
With 300 coins made for a price of $210 apiece, the collection sold out on the first day, bringing in a total of $63,000. The 300 NFTs each represent a 0.0033% ownership stake in potential royalties given by online streaming companies.
Yet just two days later, the day before Rihanna performed at the Super Bowl, Michel “bigmich” Traore, the CEO of AnotherBlock, informed users on the AnotherBlock discord that OpenSea had prohibited the collection, setting off a furor.
Sales were suspended, according to OpenSea, because they “appeared to guarantee fractional ownership and future profit based on that ownership,” which was against the terms of service of the marketplace.
AnotherBlock was confused by the reaction because, according to a community lead, “we also brought up why similar collections (Royal.io and Corite, for example) are still trading on their platform in our contact without getting any remark on it either.”
The electronic artist “3LAU” Blau is the creator of Royal.io, a music library NFT that is accessible on OpenSea. a collection that, like AnotherBlock, enables fans and artists to split downstream money.
However, AnotherBlock said that OpenSea was “ignorant” of their efforts to fix the problem. Although the Rihanna NFTs are still accessible on Blur and AnotherBlock, some users in that platform’s discord asked if the floor price had been impacted by the OpenSea ban.
“Our AnotherBlock traffic is not sufficient,” one holder, kyo1984, argued in Discord. “Our floor prices and transactions are going down.”
The collection’s floor price is currently 0.55 ETH ($867) on AnotherBlock’s marketplace, up 330% from its original price of 0.128 ETH. At the time of publication, the collection had a total volume of 155 ETH, or about $245,000, in ETH.
With the help of the marketplace AnotherBlock, which was established in 2021 by businessmen Michel D. Traore, Sebastian Ljungberg, and Filip Strömsten, fans may purchase, sell, and exchange the royalties for songs by other artists including Offset, Metro Boomin, and the Weekend.
According to internal documents obtained by CryptoSlate, initial NFT offerings can earn annualized yield returns of up to 11%.
