The buzz around the Super Bowl LVII halftime show wasn’t only a win for Rihanna.
Ahead of the live performance, Jamil “Deputy” Pierre, co-producer of “B–ch Better Have My Money,” sold his royalties of the song as non-fungible tokens (NFTs), Decrypt reports.
Reportedly, 0.99% of his streaming royalty rights for the hit record were redistributed to 205 people by 300 Ethereal NFTs on crypto startup AnotherBlock. According to Etherscan, the contract data shows that the collection sold out on Feb. 9.
“Each blockchain token signifies ownership over 0.0033% royalty rights to the song, promises ‘lifetime’ ownership of that portion of the copyright, and grants holders the percentage of streaming rights from the master recording,” Decrypt describes.
AnotherBlock’s mint for “B–ch Better Have My Money” raked in $63,000 in revenue, according to the outlet.
“A valuation of $210 per 0.0033% of the song theoretically places a total value of $6.36 million to the song’s streaming royalties,” Decrypt writes.
Although the percentage of royalties that Pierre privately retained hasn’t been disclosed, the outlet details that a source shared with them that, generally, a total royalty cut for a producer is less than five percent for a song.
Under the NFT ownership agreement with AnotherBlock, secondary sales are permitted and Pierre is required to pay NFT holders their percentage “of any streaming royalties earned no less than twice a year,” per the outlet.
It appears that Pierre had great timing based on the song’s resurfaced success.
As previously reported by AfroTech, “B–ch Better Have My Money” — the opener of the halftime show — saw an increase of 2,600 percent in U.S. streams on Spotify. What’s more, the show’s closer, “Diamonds,” increased by more than 1,400 percent in streams.