- OpenSea halted the secondary collection of Rihanna’s song.
- Royal.io and Cortie share musicians’ income with fans and provide NFT holders with tokens.
- OpenSea’s restrictions on the “floor” price, or the minimum purchase price.
OpenSea’s decision to halt secondary sales of the NFT collection for the Rihanna song “Bitch Better Have My Money” infuriated NFT supporters. 300 Ethereum NFTs received 0.99% of the song’s overall revenue from Web3 music service AnotherBlock last week.
One of the song’s producers, Deputy Piree, collaborated on its creation on 2-15 and donated a portion of his earnings to the blockchain. If Rihanna is aware of the collection, that remains to be discovered. Users could no longer trade the NFT collection on OpenSea, yet it quickly sold out and brought in $63,000.
The automatic system at OpenSea discovered the project description, which was later deleted from the website without informing the team. Having heard a comment by Andreas “Bigleton” Bigert, Head of Community and Growth at AnotherBlock, the company halted the collection sale since OpenSea doesn’t allow fractional ownership or profits from the deal in the future.
Platforms like Royal.io and Cortie share musicians’ income with fans and provide NFT holders with tokens. Bigert has questioned the continued readability of such collections on their marketplaces. Holders of the Rihanna NFTs have voiced concerns about OpenSea’s restrictions on the “floor” price, or the minimum purchase price.
Compared to its mint price of 0.128 ETH, AnotherBlock’s current floor price is 0.55 ETH ($867), a 330% gain. Since its debut, 155 ETH, or around $245,000, have been traded in the collection.