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Musician Sells NFT Token Bringing Royalty Rights for $26K in Crypto
Music streaming platform Rocki has announced its first NFT sale as it prepares for beta launch.
Par Tanzeel Akhtar
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.
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- 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.
See also: Lil Yachty Collectible Fetches $16K in Latest String of High-Profile NFT Auctions
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