Musician Sells NFT Token Bringing Royalty Rights for $26K in Crypto
Blockchain platform Rocki has announced its first auction of a non-fungible token (NFT) bringing the buyer rights to royalty income from music – one that raised over $26,000 for the artist.
- Announced Thursday, Israeli-born and Malta-based progressive house musician Guy J sold the income rights a track dubbed “Cotton Eyes” on the Rocki platform through the sale of an ERC-721 standard NFT.
- The token was auctioned using decentralized auction protocol Bounce.finance and sold for 40 ether.
- As the name suggests, non-fungible tokens are those which, unlike cryptocurrencies, can be given unique characteristics.
- Another token Rocki will issue – an ERC-1155 standard NFT – will bring purchasers “exclusive listening privileges.”
- Rocki CEO and co-founder Bjorn Niclas said there have been more than 30,000 tracks uploaded by thousands of independent artists as the platform prepares to launch in beta.
- The company further said streaming platforms like Spotify typically give independent artists “only pocket change for their work.”
- As such, Rocki is well-positioned to become “the preferred streaming service for all genres of independent artists,” according to the announcement.