Musician Sells NFT Token Bringing Royalty Rights for $26K in Crypto

Rocki, a blockchain platform for music streaming, has announced its first sale of a non-fungible token (NFT), raising over $26,000 for the artist. The NFT, based on the ERC-721 standard, grants the buyer rights to royalty income from the track "Cotton Eyes" by progressive house musician Guy J. The auction took place on the decentralized auction protocol Bounce.finance and the NFT sold for 40 ether.

Non-fungible tokens are unique digital assets that can have distinct characteristics, unlike cryptocurrencies that are interchangeable. In addition to the ERC-721 NFT, Rocki plans to issue an ERC-1155 NFT that will provide purchasers with exclusive listening privileges.

Rocki's CEO and co-founder, Bjorn Niclas, stated that over 30,000 tracks have been uploaded to the platform by thousands of independent artists as they prepare for the beta launch. The company aims to address the issue of streaming platforms like Spotify offering minimal compensation to independent artists for their work. Rocki aims to become the preferred streaming service for all genres of independent artists.

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