THREAD 🧵
Breaking down the "real-world legal contract specifying the terms of the streaming royalties and guaranteeing real-world ownership for the NFT holder" for #Rihanna's #NFT offering, which dropped last week ahead of her #SuperBowl Halftime performance tomorrow.
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Breaking down the "real-world legal contract specifying the terms of the streaming royalties and guaranteeing real-world ownership for the NFT holder" for #Rihanna's #NFT offering, which dropped last week ahead of her #SuperBowl Halftime performance tomorrow.
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The 300 royalty-linked NFTs were available for purchase last week at $210 a piece and quickly sold out. Each NFT provides holders with royalties from streaming revenues of her 2015 hit song, "B**** Better Have My Money," and some other goodies.
coindesk.com/web3/2023/02/1…
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coindesk.com/web3/2023/02/1…
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The NFT Ownership Agreement for the Rihanna Bitch Better Have My Money NFT is linked here:
…ckwebsite.s3.eu-north-1.amazonaws.com/drop_5_legal_c…
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…ckwebsite.s3.eu-north-1.amazonaws.com/drop_5_legal_c…
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For all the music -loving, Super Bowl-watching NFT-license-agreement- reading peeps, here's a little summary:
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Parties:
The Agreement is between Janil Pierre, a CA entity stated to own the Master Recording and be entitled to the digital streaming royalties for the song and the NFT Holder (specified by a Drop ID that NFT owner mints).
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The Agreement is between Janil Pierre, a CA entity stated to own the Master Recording and be entitled to the digital streaming royalties for the song and the NFT Holder (specified by a Drop ID that NFT owner mints).
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AnotherBlock:
AnotherBlock (AB) is an entity based in Sweden that Janil Pierre engaged to handle the NFT mint and this business arrangement
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AnotherBlock (AB) is an entity based in Sweden that Janil Pierre engaged to handle the NFT mint and this business arrangement
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NFT Holder Rights:
Each holder will receive "a portion of 0.0033 % of the streaming royalties" for the song after the date the NFT was minted (less fees)
As per press, also get access to a gated Discord community, real-world events, priority access for upcoming NFT releases.
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Each holder will receive "a portion of 0.0033 % of the streaming royalties" for the song after the date the NFT was minted (less fees)
As per press, also get access to a gated Discord community, real-world events, priority access for upcoming NFT releases.
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Artwork:
NFT Holder also gets a non-exclusive personal non-commercial license to use the accompanying visual artwork, which was created by an NFT artist
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NFT Holder also gets a non-exclusive personal non-commercial license to use the accompanying visual artwork, which was created by an NFT artist
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Notes:
NFT Holder must claim the royalties (less any fees) every 6 months. AB will not actively transfer the royalties to the NFT Holders wallets if claim is not made.
NFT Holder must provide a crypto wallet address to get paid and complete KYC requirements upon request.
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NFT Holder must claim the royalties (less any fees) every 6 months. AB will not actively transfer the royalties to the NFT Holders wallets if claim is not made.
NFT Holder must provide a crypto wallet address to get paid and complete KYC requirements upon request.
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Notes cont.
NFT holder is responsible for all fees, including gas fees.
The Agreement is governed by Swedish Law. (Not sure what substantive effect this has, if any, but likely because AB is a Swedish company.)
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NFT holder is responsible for all fees, including gas fees.
The Agreement is governed by Swedish Law. (Not sure what substantive effect this has, if any, but likely because AB is a Swedish company.)
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Second Sales:
NFT Holders can sell or transfer the NFT, provided its on the same blockchain & payment is made on-chain. New purchaser takes the NFT subject to the terms of this Ownership Agreement. Secondary Sale Royalty of 5% of the sales price is paid to AB & Janil Pierre
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NFT Holders can sell or transfer the NFT, provided its on the same blockchain & payment is made on-chain. New purchaser takes the NFT subject to the terms of this Ownership Agreement. Secondary Sale Royalty of 5% of the sales price is paid to AB & Janil Pierre
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Wishing her best of luck at Halftime and with this NFT drop. It's exciting to see music + NFT happening:. There is so much potential there!
wiggin.com/publication/we…
Fun Fact: I rode on the same airplane as @rihanna once. But we were in different class cabins.
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/END
wiggin.com/publication/we…
Fun Fact: I rode on the same airplane as @rihanna once. But we were in different class cabins.
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/END
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