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Music NFTs Are Shaking The Market Rihanna and Snoop Dogg Made A Tremendous Impact

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For music and NFTs, February was a significant month. As Def Jam Recordings signed a virtual band, Spotify experimented with token-gated playlists for Web3. Just before Rihanna’s Super Bowl halftime performance, Snoop Dogg made a comeback with a brand-new NFT drop, and fans of the singer had the option to buy streaming royalties in “Bitch Better Have My Money.” Nevertheless, the NFT drop was not without criticism.

In general, cryptocurrency values increased in February; Ethereum is currently up 46% from the year’s beginning. Below are the top 10 music NFTs and sets for February 2023 based on an analysis of sales data from 19 various NFT platforms and independent releases mixed with secondary sales volume on OpenSea.

The NFTs were Controversial

At the same time that Rihanna made history in the Super Bowl, her music was making waves in the NFT industry. Her song “Bitch Better Have My Money” had a share of the streaming royalties sold via NFTs on the Web3 platform Anotherblock, bringing in $63,000 in sales and an additional $469,452 in secondary trading volume. The music was used by Rihanna to start her halftime performance on February 12; this boosted anticipation and helped boost worldwide streaming statistics by 594% in the week ending February 16.

However, there was debate over the NFT drop. Rihanna did not expressly approve it; instead, the royalties were made available through producer DEPUTY’s shareof the song, and it is unclear whether Rihanna was aware of this. However, the NFTs’ value on the secondary market tripled, exceeding the assumptions for the return based on the streaming estimates.

OpenSea Stopped the Collection

The collection of NFTs was then stopped on OpenSea because the platform doesn’t allow “offering fractional ownership and future profit based on that ownership.” This shows that NFT enterprises promoting themselves as investments are still subject to regulatory scrutiny.

Singer-songwriter Violetta Zironi made a comeback in February with a new EP titled Another Life, which includes five tracks and 5,500 different profile image designs. Zironi had a popular genesis release the previous year. Holders get access to recorded performances and live events, and the music can be used in their personal projects. Zironi organized a 14-hour Twitter Spaces marathon with her group to commemorate the drop.

You might check: Will ADA Coin Rise In A Short Time?

 

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