A Tribe Called Quest is Auctioning Off Royalties as an NFT
Photo Credit: Al Pereira/Michael Ochs Archives/Getty Images
NFTs aren’t dead… yet.
Legendary hip-hop group A Tribe Called Quest is selling an NFT (Non-fungible token) that will give the holder royalties from the group’s first five albums: People’s Instinctive Travels And The Paths Of Rhythm, The Low End Theory, Midnight Marauders, Beats, Rhymes And Life, and The Love Movement.
The A Tribe Called Quest NFT is being auctioned on Royalty Exchange. And the winning bid will get access to a 1.5% share of the royalties. Meaning that the winning bidder will receive bread every time some of the most iconic rap songs of all time are streamed, played on the radio, sampled, or appeared in films, TV shows, or commercials.
So far, there have only been four bids on the NFT. But the price is already at 16.977 ETH — you can only buy with Ethereum — which is about $38,000 American dollars.
There’s a lot of cool details on the auction page. It shows that holders of the NFT would have gotten around $6,000 in royalties over the last year. The page also noted that “Can I Kick It?” was the highest-earning song last year, accounting for 27% of last year’s royalties for the group. Tribe’s music also appeared in a bunch of new movie and TV show properties, from Tom and Jerry to Soul toTed Lasso to The 40-Year-Old-Version.
This isn’t the first time you could get publishing from an NFT. Royalty Exchange launched the first music publishing NFT with rapper Lil Dicky, which included royalties for “Save Dat Money.” The winning bid on that was 9.209 ETH, which is about 23,209.
As of publishing date, the A Tribe Called Quest NFL auction will only be around for another day. Follow along here.