Tuesday, October 19, 2021
Home Latest News Business Musician Sells NFT Token Bringing Royalty Rights for $26K in Crypto

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.

According to an announcement on 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.

According to Coindesk, the token was auctioned using decentralized auction protocol Bounce.finance and sold for 40 ether.

Another token Rocki will issue, an ERC-1155 standard NFT, will bring purchasers “exclusive listening privileges.”

Rocki CEO and co-founder Bjorn Niclas stated that there have been more than 30,000 tracks uploaded by thousands of independent artists as the platform prepares to launch in beta.

The company also noted that streaming platforms such as Spotify normally give independent artists “only pocket change for their work.”

According to the announcement, Rocki is well-positioned to become “the preferred streaming service for all genres of independent artists.”

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