The crypto-powered music streaming platform Rocki has bought its first “royalty revenue proper NFT” — a token granting its proprietor a 50% share in all royalties generated by a particular monitor’s streams on the positioning.
The token corresponds to a monitor titled “Cotton Eyes” that has been completely launched on Rocki by Malta-based progressive home producer Man J.
The ERC-721 royalty revenue proper token was auctioned alongside an ERC-1155 “listening proper” token, permitting the successful bidder to stream the track free of charge.
The tokens have been bought on decentralized public sale protocol Bounce.finance for 40 Ether — value $25,600 as of this writing as ETH hits new heights for 2020. Man J mentioned he was intrigued by the idea:
“I’ve all the time been considering new music applied sciences and providers that present artists with new income streams and heighten fan engagement.”
Rocki CEO and co-founder Bjorn Niclas described its royalty tokens as opening up new income streams for artists and driving distinctive types of engagement with followers, stating:
“Whatever the preliminary measurement of their viewers, artists can capitalize on their present fan base with the introduction of Music NFTs.”
Since exiting stealth mode final month, the Rocki platform has seen greater than 30,00zero tracks uploaded by “a number of thousand” unbiased artists. Nonetheless, the platform continues to be but to launch public Beta entry, with Rocki claiming the performance will launch “quickly.”
The dance music trade is more and more experimenting with non-fungible tokens, with digital artist deadmau5 collaborating on two token launches previously week.
On Dec. 16, deadmau5 launched collectible tokens hosted on the WAX Blockchain, with packs of 10 NFTs priced at $9.99 and packs of 30 tokens promoting for $28.40. The tokens have been launched the day after a 30-second audio-reactive paintings created by actuality artist Sutu accompanied by a sonic loop from deadmau5’s monitor SATRN was launched on the SuperRare NFT market.