We reported earlier this week on plans to auction off a portion of future recorded music royalties from A Tribe Called Quest’s albums as an NFT. Well, the auction – on Royalty Exchange – has now closed, and the NFT was bought for 40.191 Ether – around $84.8k.
That was for a slice (reported as 1.5%) of the sound recordings royalties for the hip-hop group’s first five albums, including their singles. Note, it wasn’t the group itself selling these rights, but rather a third party who owned that share.
The listing remains live, and is an interesting summary of how much money is being generated by that catalogue. The last 12 months’ royalties are listed as $6,752. That’s for the portion being sold, obviously, which suggests that the overall catalogue generated just over $450k in the last year.
“The top income source is sync with 48% of returns in the last 12 months and 40% of all historical earnings,” noted the listing. “Streaming is right behind sync with 32% of last year’s royalties, up 11% year-over-year.” It added that the group’s biggest hit, ‘Can I Kick It?’, accounted for 27% of last year’s royalties, and 17% of earnings to date.