OpenSea: sales of music NFT by Rihanna stopped
OpenSea has decided to block the sale of music NFT to the artist Rihanna on the secondary market. The compilation was launched by co-producer Deputy and offers royalties on the song “Bitch Better Have My Money”
OpenSea blocks Rihanna’s NFT music collection over royalties
The most popular marketplace for non-functional tokens, Open sea, has rattled his traders by deciding to block NFT collection of Rihanna music .
Specifically, this is the compilation launched by co-producer Jamil “Deputy” Pierre of the song “Bitch better have my money” who accompanied Rihanna in her Super Bowl performance.
And indeed Web3 music platform AnotherBlock has shared 0.99% of the song’s total royalty for 300 NFT on Ethereum. This is the percentage of deputy royalties that were brought into the blockchain.
According to reports, this collection will guarantee music NFT holders a percentage of future royalties from streaming the master recording, which with last week’s sales would generate $63,000 in revenue.
Two days before Rihanna’s Super Bowl performance, AnotherBlock CEO Michel “bigmich” Traore said on the project’s Discord that OpenSea had blocked trading of these NFTs.
OpenSea flags and deletes Rihanna’s NFT collection on the marketplace
In general, according to the AnotherBlock team, OpenSea will automatically flag Rihanna’s music NFT project description, and then delete it without notifying anyone.
What AnotherBlock also points out is that they had used the same or similar language in the past, but that the marketplace had not blocked any collections.
A few days later, OpenSea responded by explaining that the sale of the collection had been blocked on the marketplace are not permitted NFTs which “Seems to promise fractional ownership and future profits based on that ownership.”
Therefore, the question raised by OpenSea is solely about royalties. These restrictions may somehow affect the “floor price” (minimum price) of the collection.
For now, Rihanna’s NFT collection is still on the same marketplace as Another block and on Obscurity. According to data on AnotherBlock, the current price of the collection is 0.55 ETH ($867), an increase of 330% from the coin price at 0.128 ETH, or $210 at the time
Royalty strategies for NFT creators
Speaking of royalties, last December, Open sea allegedly revised its strategy for NFT creators, launches version 2 of the dedicated tool.
Initially, the marketplace would have its say Operator filter registry tool overseen by CORI – Creator Ownership Research Institute, which is a business group involving Manifold, Zora, Nifty Gateway, SuperRare, Foundation and others. CORI will use one multisignature portfolio to make changes to the registry.
This was a way to protect royalties for NFT creators which seems to have been banned by many marketplaces.
And in fact, the goal of OpenSea is to motivate the entire industry to return to respect creator fees universallyso that tools for enforcement in the chain may become an option for some, but not a requirement for all.
The first version of the on-chain royalty tool for NFT creators was launched last November and became a simple piece of code that can be added to future NFT contracts.
It is something that is always optional for NFT creators, but on one hand protects creator fees and on the other hand links such NFTs to marketplaces where they are not listed at zero or optional royalty.
