OpenSea takes down NFTs featuring Rihanna’s music
OpenSea shoots NFT with music by Rihanna
The AnotherBlock collection includes royalties from her 2014 hit “Bitch Better Have My Money”.
Last week, ahead of Rihanna’s highly anticipated Super Bowl halftime show, NFT Collection with the licensing rights to her 2014 song “Bitch Better Have My Money” was pulled and delisted by OpenSea.
One of the song’s original producers, Jamil “Deputy” Pierre, offered his rights to the song on NFT’s music royalty rights marketplace, AnotherBlock.
The collection sold out on the first day, with 300 pieces minted at $210 each, bringing total sales to $63,000.
Each of the 300 NFTs represents 0.0033% of future royalties provided by digital streaming providers.
However, just two days later and a day before Rihanna’s appearance at the Super Bowl, Michel “bigmich” Traore, CEO of AnotherBlock, told AnotherBlock controversy members that OpenSea had banned the collection, sparking outrage at AnotherBlock controversy.
OpenSea said sales were halted because it was contrary to the terms of service in the market, “being a promise of fractional ownership and future profits based on that ownership.”
This response puzzled AnotherBlock because, according to a community leader, “we also mentioned why similar collections (like Royal.io and Corite) can still be sold on their platform in our post without getting any comment about it.”
Royal.io, the NFT music collection available on OpenSea, was created by electronic musician “3LAU” Blau. A collection that, like AnotherBlock, allows revenue to be shared between fans and artists.
However, according to AnotherBlock, OpenSea “ignored” their attempts to fix the problem.
Rihanna’s NFTs are still available on the AnotherBlock and Blur marketplace, but some AnotherBlock discord users wondered if the OpenSea ban had an effect on the floor price.
“Our AnotherBlock traffic is not enough,” said one of the owners, kyo1984, on Discord. “Our floor prices and transaction numbers are going down.”
The collection’s current minimum price on the AnotherBlock marketplace is 0.55 ETH ($867), up 330% from its starting price of 0.128 ETH, for a total volume of 155 ETH (approx. $245,000) at press time.
Founded in 2021 by entrepreneurs Michel D. Traore, Sebastian Ljungberg, and Philip Strömsten, AnotherBlock offers fans a marketplace to buy, sell, and trade licensing rights to songs from other artists such as Offset, Metro Boomin, and Weekend.
Internal documents seen by Cryptooshala advertise YOY yields for initial NFT offerings above 11%.
Credit : cryptoslate.com