A Tribe Called Quest have given a lucky bidder the chance to be part of their history forever with a non-fungible token.
On Thursday (July 1), the group sold an NFT for royalties to classic albums such as 1990’s People’s Instinctive Travels and the Paths of Rhythm, 1991’s The Low End Theory, 1993’s Midnight Marauders, 1996’s Beats, Rhymes and Life, and 1998’s The Love Movement, courtesy of Royalty Exchange.
A man named Stephen F came through with a winning bid of 40.191 ETH, which is the equivalent of $84,765. The sale started at $35,000 and includes 1.5 percent of sound recording royalties from their first five albums for the life of rights, meaning the winner will earn money every time songs are streamed, played on the radio, sold physically, sampled or appear in TV shows, movies or commercials.
Over the past 12 months, the percentage of royalties came to $6,752.
The listing read, “Opportunities to earn from pioneering musicians don’t come around often… so don’t miss out on this one! Up for bid are sound recording royalties from iconic and trailblazing Hip Hop group A Tribe Called Quest’s first five studio albums. Often touted as the pioneers of alternative Hip Hop, A Tribe Called Quest’s music has stood the test of time with growth across top income sources and songs, 30 years after their first album was released.”
It continued, “The winning bidder will collect royalties generated from sales, streaming, and sync fees for any of the included albums, as well as the individual singles, released by the group between 1990 to 1998. The format of this auction is a “non-fungible token” (NFT): a digital certificate of ownership created and stored on the Ethereum blockchain. All bidding will be conducted in Ether, the native currency of Ethereum. Royalties collected by the winning bidder will also be paid in Ether.”
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The only album that isn’t included in the NFT is 2016’s We got it from Here… Thank You 4 Your service, which arrived eight months after the passing of A Tribe Called Quest’s founding member, Phife Dawg. In June, Lil Dicky’s 2015 hit “$ave Dat Money” featuring Fetty Wap and Rich Homie Quan became the first-ever music publishing NFT, selling through Royalty Exchange for 9.209 ETH — the equivalent of $23,209.
I don’t get why an artist would sell his royalties that could give him constant revenues everytime someone use his property…? Maybe there is something I missed here…
It’s only 1.5 percent, and I would assume this would increase streaming/popularity
yeah the 5 people s=using nfts lol, nfts are basiclly millionaires laundering money amongnst themselves
let me know when you can fill up the tank n buy milk with it
I believe they only sold 1.5 percent of it. Not sure how much they have total for themselves.
it is 1 percent of royalties they sell because certain members may need some money quickly for upcoming projects .
Well they did not get much. Hell Rza sold his back catalog and I got a couple of million. The receipts for this is chump change if you are living in California or NYC (cost of living). More and more artist have been giving up there royalties for virtual nothing. There is a reason why……?
Well they did not get much. Hell Rza sold his back catalog and I got a couple of million. The receipts for this is chump change if you are living in California or NYC (cost of living). More and more artist have been giving up there royalties for virtual nothing. There is a reason why……? that is a mystery.
Looks like you missed the part that said they only sold 1.5% of their royalties…they still keep 98.5%.
so 10 years of royalties for a 1 time payment? from the record company people are shady rappers wow, um rather have that 1.5% for life rathe than 84K split up but guess thats just me, so many better thing they can do with crypto and they choose nfts whats next an ico lol
You would rather have 1.5% which equates to only 6700 bucks over 12 months when u can have 84k plus now?
Their 1.5% garnered them $6,752 over 12 months, they took a buyout of another asset called Ethereum, (ETH) is projected to be worth 8k a coin by the end of this year and tens of thousands in the next few years. They won, look at the math. They also still have the 98.5% that they have not sold.
the billionaires pumpin dumping crypto can pull the rug out anytime they want crypto not new its a decade old 5ish years ago the weirdo evil parasites started playing with it, until u buying gas n chips from it its worthless they coulda jut bought 80K of crypto and hodl if they believed in it so much rather than lose a % of an assett but oh well they pumping n dumping too, they could just set up an online wallet and acept crypto as donation for remixes interviews bonus cuts etc and grow crypto that way but they choose the current scam instead
LOL “includes 1.5 percent of sound recording royalties from their first five albums” The Joke’s on you, ain’t nobody streaming these obscure ass albums
You’re all truly morons. You pay 80k and get 6k a year. That’s immediate 8% yield, and you own some of tribe’s classic work. They could have done much better on this sale. Steal for the buyer