Ahead of Rihanna’s highly anticipated Super Bowl halftime show last week, NFT Collection The song, which featured royalty rights to her 2014 song “Bitch Better Have My Money,” was removed from OpenSea and delisted.
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.
The collection sold out on its first day, with 300 minted at $210 each for a total of $63,000 in sales.
Each of the 300 NFTs represents an ownership interest of 0.0033% of future royalties offered by digital streaming providers.
But just two days later, one day before Rihanna appeared in the Super Bowl, AnotherBlock CEO Michel “bigmich” Traore told the Discord members of AnotherBlock that OpenSea had banned the collection.
OpenSea said the sale was halted for violating the marketplace’s terms of service and “appears to promise partial ownership and future profits based on that ownership.”
According to a community leader, “We also mentioned why similar collections (such as Royal.io and Corite) are still tradable on the platform, but we weren’t able to get a comment on that either.”
Royal.io, a music collection NFT available on OpenSea, was created by electronic musician “3LAU” Blau. Collections like AnotherBlock where downstream earnings can be shared between fans and artists.
However, according to AnotherBlock, OpenSea “ignored” attempts to fix the problem.
The Rihanna NFT will still be available on AnotherBlock’s Marketplace and Blur, but some users within AnotherBlock’s Discord wonder if the OpenSea ban is affecting the lowest price.
“Our AnotherBlock traffic is not enough,” one of the owners, kyo1984, claimed on Discord. “Our lowest prices and deals are going down.”
AnotherBlock’s marketplace collection currently has a lowest price of 0.55 ETH ($867), a 330% increase from the mint price of 0.128 ETH, bringing the total to 155 ETH (approximately $245,000) at the time of writing.
Founded in 2021 by entrepreneurs Michel D. Traore, Sebastian Ljungberg and Filip Strömsten, AnotherBlock is a marketplace for buying, selling and trading royalty rights to songs by other artists such as Offset, Metro Boomin and the Weekend. is provided to fans.
An internal document seen by CryptoSlate advertises an annual yield of over 11% for its first NFT offering.
