The excitement surrounding Rihanna’s Super Bowl LVII halftime show was not limited to her performance.
Jamil “Deputy” Pierre, co-producer of “B-ch Better Have My Money,” sold his royalties as non-fungible tokens (NFTs) ahead of the live performance, according to Decrypt.
According to reports, 300 Ethereal NFTs on crypto company AnotherBlock transferred 0.99% of his streaming royalty rights for the popular song to 205 persons. According to Etherscan contract data, the collection sold out on February 9.
“Each blockchain token signifies ownership over 0.0033% royalty rights to the song, promises ‘lifetime’ ownership of that portion of the copyright, and grants holders the percentage of streaming rights from the master recording,” Decrypt describes.
AnotherBlock’s mint for “B–ch Better Have My Money” raked in $63,000 in revenue, according to the outlet.
“A valuation of $210 per 0.0033% of the song theoretically places a total value of $6.36 million to the song’s streaming royalties,” Decrypt writes.
Although the percentage of royalties that Pierre secretly retained has not been released, the outlet reports that a source told them that a total royalty cut for a producer is often less than 5% for a song.
Secondary sales are permissible under the NFT ownership agreement with AnotherBlock, and Pierre is expected to pay NFT holders their part “of any streaming royalties received no less than twice a year,” according to the outlet.
Based on the song’s resurgence, Pierre looks to have had excellent timing.
As previously reported, the opener of the halftime show, “B-ch Better Have My Money,” witnessed a 2,600 percent boost in U.S. Spotify streams. Furthermore, the show’s closer, “Diamonds,” soared in streams by more than 1,400%.