A Tribe Called Quest Sold Royalties from First Albums

A Tribe Called Quest Sold a Share from their Album Royalties through NFT

A Tribe Called Quest sold a percentage of royalties from their first five albums. A lucky owner, Stephen F, got %1.5 percentage of the band’s royalties from 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 offer was posted on Royalty Exchange. Royalty Exchange is a platform for artists and investors to buy and sell royalty assets. The royalties themselves were offered as an NFT (non-fundable token); the price is Ethereum cryptocurrency. The starting price was $35,000; the deal closed at $84,765 (approximately 40.2 in Ethereum).

A screenshot of the NFT proposal

Last year, proposed royalties had summed up in $6,752. Stephen F would also get a similar amount of money yearly. What if Stephen F then wishes to resale the token? The buyer is to pay 10% of A Tribe Called Quest royalties upon the starting price ($35,000) to Stephen F. Finally, the artists and the NFT owner split the premium. 

Be sure to check our article on Jay-Z and Roc Nation’s conflict with its co-founder over an NFT.

Nikita Serdiuk | IG: @nikitasrdk