The value of a song? It’s complicated. Very low if you’re an artist or songwriter worried about your streaming royalties. Very high if you’re an established musician with a back catalogue, and the likes of Hipgnosis and Round Hill Music waving their wallets in your direction.
Here’s another spin on the question: how much are songs worth on the blockchain? In the case of ‘Cotton Eyes’ by progressive house artist Guy J, the answer is 40 Ethereum – around $24.8k.
“This new exclusive track sold an ERC721 Royalty income right Music NFT for 50% of future Royalty rights on Rocki, auctioned off on the decentralized auction protocol Bounce·finance for a record amount of 40 Ethereum,” to be specific, from Rocki’s announcement. NFT stands for nonfungible token, if you’re wondering, and this is the first example of Rocki selling one based on royalty income rights.
Tools: platforms to help you reach new audiences
Tools :: We Are Giant
With “fan communities” being on every artist’s team’s mind, we’re fans of the fact that…