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The iconic hip-hop group is joining forces with NFT broker Royalty Exchange to auction off a 1.5% share of sound recording royalties from their first five albums: 1990’s People’s Instinctive Travels and the Paths of Rhythm, 1991’s The Low End Theory, 1993’s Midnight Marauders, 1996’s Beats, Rhymes and Life, and 1998’s The Love Movement.
The starting price will be listed at $35,000 with a 10% royalty upon any resale, which is split evenly between Royalty Exchange and the initial seller. The highest bidder will collect royalties derived from sales, streaming, sync, satellite radio, digital downloads, CD sales, TV/film/commercial placements, samples, etc.
Royalty Exchange recently launched the first ever music publishing NFT with rapper, comedian, and actor Lil Dicky. The highest bidder received the income-producing NFT which includes a piece of all future mechanical, public performances and sync royalties for Dicky’s 2015 hit “Save Dat Money.” The royalties are paid every quarter in Ethereum, which can be converted into a fiat currency or remain as cryptocurrency.
Royalty Exchange is the world’s largest platform for buying and selling royalty assets of any type, where royalty owners can sell their future payments to investors as alternative assets. The company’s marketplace boasts over $95 million in deals and a community of over 30,000 investors looking for royalty-based assets.
Meanwhile, Tribe frontman Q-Tip recently kicked off the second season of the Beats 1 show Abstract Radio.