OpenSea takes down NFTs featuring Rihanna’s music

Last week, in advance of Rihanna’s hotly anticipated Super Bowl halftime show, an NFT collection featuring royalty rights from her 2014 song “Bitch Better Have My Money” was taken down and delisted from OpenSea.

One of the song’s original producers, Jamil “Deputy” Pierre, offered his rights to the song to an NFT marketplace specializing in music royalty rights, AnotherBlock.

The collection sold out on the first day, with 300 minted for $210 each, generating total sales of $63,000.

Each of the 300 NFTs represents a 0.0033% ownership of future royalties provided by digital streaming providers.

However, just two days later, and a day before Rihanna’s Super Bowl appearance, Michel “bigmich” Traore, the CEO of AnotherBlock, told members of AnotherBlock’s discord that OpenSea had banned the collection — leading to an outcry in AnotherBlock’s discord.

OpenSea said sales were halted because it went against the marketplace’s terms of service, “appearing to promise fractional ownership and future profit based on that ownership.”

That response perplexed AnotherBlock because, according to a community lead, “we have also brought up why similar collections (Royal.io and Corite for instance) are still tradable on their platform in our communication without getting any comment on that either.”

Royal.io, a music collection NFT available on OpenSea, is made by the electronic musician “3LAU” Blau. A collection that, like AnotherBlock, allows for downstream revenue to be shared amongst fans and artists.

According to AnotherBlock, however, OpenSea was “ignoring” their attempts at resolving the issue.

The Rihanna NFTs are still available on AnotherBlock’s marketplace and on Blur, but some users within AnotherBlock’s discord wondered if the OpenSea ban was affecting the floor price.

“Our AnotherBlock traffic is not sufficient,” one holder, kyo1984, argued in Discord. “Our floor prices and transactions are going down.”

The collection’s current floor price on AnotherBlock’s marketplace is 0.55 ETH ($867), up 330% from its mint price of 0.128 ETH, with total volume as of press time at 155 ETH (about $245,000).

AnotherBlock, founded in 2021 by entrepreneurs Michel D. Traore, Sebastian Ljungberg and Filip Strömsten, offers fans a marketplace to buy, sell and trade royalty rights for songs by other artists such as Offset, Metro Boomin and the Weekend.

Internal documents seen by CryptoSlate advertise annualized yield returns for initial NFT offerings upwards of 11%.

AnotherBlock rate of annualized yield (Source: AnotherBlock)
AnotherBlock rate of annualized yield (Source: AnotherBlock)
Posted In: Analysis, Culture, NFTs

Bookmark (0)
ClosePlease loginn

Related Posts

Rocket League world champions TeamBDS partners with Xborg for web3 fan activations

Rocket League world champions TeamBDS partners with Xborg for web3 fan activations

Blockchain meets esports as XBorg Partners with Team BDS

Bookmark (0)
ClosePlease loginn
Citigroup believes CBDCs will lead the way to mass adoption

Citigroup believes CBDCs will lead the way to mass adoption

Citi said that mass adoption will happen when more than a billion people are using blockchain technology without knowing they’re using it.

Bookmark (0)
ClosePlease loginn
SBF pleads not guilty to all 13 federal indictments

SBF pleads not guilty to all 13 federal indictments

Sam Bankman-Fried’s trial is set to begin in October. He is also facing civil charges filed by the SEC and the CFTC.

Bookmark (0)
ClosePlease loginn
Cold wallet Ledger raises $108M as self-custody wallets gain popularity

Cold wallet Ledger raises $108M as self-custody wallets gain popularity

Hardware wallet ledger raised another $385 million in 2021, and its current valuation sits at $1.41 billion.

Bookmark (0)
ClosePlease loginn
Hong Kong signals licensing over 8 crypto companies by year-end

Hong Kong signals licensing over 8 crypto companies by year-end

Licenses will be issued under Hong Kong’s new crypto licensing regime, composed to support crypto firms looking to set up shop in the city.

Bookmark (0)
ClosePlease loginn
Coinbase, Kraken plan to continue operating in Canada as regulatory rules change

Coinbase, Kraken plan to continue operating in Canada as regulatory rules change

Kraken and Coinbase are among the first exchanges to officially declare their intent to remain in Canada.

Bookmark (0)
ClosePlease loginn

Leave a Reply

Your email address will not be published. Required fields are marked *