Guy J, a famous house producer from Malta, has sold an NFT to give 50% streaming royalties for 40 ETH.
This was made possible by Rocki, which is a crypto-powered music streaming platform. The first time it is selling a royalty income right, NFT will give the buyer a 50% share in royalties from a specific track streaming. The token specifically corresponds to the song “Cotton Eyes” released on Rocki by Guy J.
The Ethereum based ERC-721 royalty income token was actioned simultaneously as ERC-1155, a listening right token, whereby the winner will be allowed to stream the song free of charge.
The auction took place on a decentralized auction protocol, Bounce. Finance for 40 ETHS, which is worth $25,600, considered ETH is experiencing a new high. Guy J was very impressed with the results.
According to Rocki CEO and Bjorn Niclas, the royalty tokens are a great way for artists to create several new revenue streams and engage with fans.
Many artists are now optimizing on the Rocki platform, and last month alone, there are thousands of independent artists that have uploaded more than 30,000 tracks. This is an impressive performance considering it moved from stealth mode last month and plans to launch public beta access.
In particular, the dance industry is great at embracing non-fungible tokens, with deadmau5, an electronic artist launching two tokens in a week.
On Dec 16, deadmau5 launched collectible tokens; both hosted on the WAX Blockchain. They were in the form of 10 NFTs valued at $9.99 and 30 tokens valued at $28.40.
A shift in the music scene
Many small-scale and mid-tier artists struggle to create an income from their music, especially during the pandemic period where there are no social gatherings. Rocki has come out so timely in a plight to address the issue, giving artists a platform for monetizing their music.
Rocki is powered by Rocks token, which rewards both artists and listeners for their participation. For Rocki, it does not matter if the artist has a big audience or not. The artist can just capitalize on their current fan base. The platform also uses a unique hybrid user-centric model of payment for online streams. Artists are not tied to earning in cryptocurrency; they can also earn in fiat currency.