The NFT marketplace has an issue with the collection put out by one of Rihanna’s producers, which gives holders a percentage of future song royalties.
NFT fans are disappointed by OpenSea’s decision to ban secondary sales of the NFT collection for Rihanna’s song “Bitch Better Have My Money” as the internet heals from her fiery Super Bowl performance.
Last Last week, the Web3 music platform AnotherBlock issued 300 Ethereum NFTs with 0.99% of the song’s total royalties. Jamil “Deputy” Pierre, one of the song’s producers, co-produced the Rihanna song in 2015 and donated a part of his income to the blockchain. It is unknown to what extent Rihanna herself is aware of the existence of the collection.
Why did OpenSea stop trading on Rihanna NFTs?
Last week, the NFT collection—which gives NFT holders a percentage of future streaming royalties from the master recording—sold out, generating $63,000. Two days later, a day before Rihanna’s Super Bowl performance, AnotherBlock CEO Michel “bigmich” Traore announced in the project’s Discord server that OpenSea, the largest NFT trading platform, has stopped trading NFTs.
The AnotherBlock team reported on Sunday that OpenSea’s automated system had “flagged” the project’s description and delisted it without informing the team. AnotherBlock stated that it does not know why the project was flagged.
“We have used the same or similar language before,” AnotherBlock said of its project’s description in a Discord post.
On Tuesday, AnotherBlock’s Head of Community and Growth, Andreas “bigleton” Bigert, posted a response from OpenSea on Discord. The response said that sales of the collection were stopped on the marketplace because OpenSea does not allow NFTs that “appear to be promising fractional ownership and future profit based on that ownership.”
Bigert also said that OpenSea has been “ignoring” AnotherBlock’s attempts to resolve the issue.
“We have also brought up why similar collections (Royal.io and Corite for instance) are still tradable on their platform in our communication without getting any comment on that either,” Bigert said Tuesday.
Royal.io is a music rights NFT platform developed by electronic musician and entrepreneur Justin “3LAU” Blau, while Corite is another music platform that allows artists revenue sharing with fans and NFTs that grant holders an allocation of its native token.
Members of AnotherBlock’s Discord server were reminded that Rihanna NFTs could still be traded on both AnotherBlock’s own marketplace and on Blur, which released its long-awaited airdrop rewards on Tuesday, much to the delight of wash traders across the NFT space.
But since then, holders have raised concerns about how OpenSea’s rules might affect the collection’s “floor” price, which is the lowest price at which an NFT in a given collection can be purchased.
At the time of this writing, the floor price of the collection on AnotherBlock’s marketplace is 0.55 ETH, which is $867. This is a 330% rise from its initial price of 0.128 ETH, which was $210 at the time. Since the collection came out, it has sold just over 155 ETH, which is about $245,000.
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Content Source: decrypt.com
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