Source | Music Business Worldwide
In the end, two artists – UK rapper Big Zuu and US act Taylor Bennett – each sold large stakes (50% and 75% respectively) in the recorded music rights to a yet-to-be-released track. These stakes were themselves divided up into 1% portions as NFTs, selling for $100 apiece.
Following overwhelming demand, this means 125 individual buyers now own 1% stakes in one or other of these recordings. Lee Parsons, founder of Bluebox, has clarified to MBW that the recipients of these NFTs contractually own a worldwide exclusive fractional license to these sound recordings, and will continue to own it in perpetuity.