Legendary hip-hop group A Tribe Called Quest — in partnership with music technology platform Royalty Exchange — is auctioning off first-of-their-kind income-producing NFTs that will allow owners to collect sound recording royalties from their first five studio albums.
Within the profit-making NFTs, dubbed “NFT Plus,” rights will include sales, streaming, sync, satellite radio, digital downloads, CD sales, TV/film/commercial placements and samples, among several outlets for income. The NFTs will provide royalties for the band’s genre-defining albums, including People’s Instinctive Travels and the Paths of Rhythm, The Low End Theory, Midnight Marauders, Beats, Rhymes and Life and The Love Movement.
The starting price is listed at $35,000 USD with a 10 percent royalty upon resale, which will be split evenly between Royalty Exchange and the initial seller.
Previously, Royalty Exchange launched the first-ever music publishing NFT with rapper-comedian Lil Dicky. The winner now collects royalties from all mechanical, public performances and syncs for the artist’s 2015 hit “Save Dat Money” each quarter via Ethereum, where the cryptocurrency can be converted into a flat currency.
The platform’s A Tribe Called Quest NFT Plus auction began on June 30 and will only remain live for 24 hours. Head to Royalty Exchange’s website to place a bid or watch the action.
Elsewhere in music, The Smithsonian has unveiled a decades-spanning Anthology of Hip-Hop And Rap box set.