The legendary group A Tribe Called Quest has given a lucky fan the chance of a lifetime by being a part of their legacy forever in the form of a popular nft, or non-fungible token.
On Thursday, July 1, the iconic hip-hop group sold an NFT for royalties to classic albums, which included, 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.’
Made possible through Royalty Exchange, a man named Stephen F came out with a top bid of 40.191 EFH, which equals to $84,765. The Tribe fan now owns a 1.5 percent sound recording royalty from their first five albums, for the life of rights. So, Stephen will now earn money each time songs are streamed, played on the radio, sold physically, sampled or appear in television shows, movies, or even commercials.
According to a tweet from @cooppdetat, earnings from the alternative hip-hop group’s catalog paid out a total of $6,700 in royalties.
Woah. A Tribe Called Quest just sold an NFT that grants rights to the royalties of their first FIVE albums 😦. Sold for 40.191 ETH ($84,000). Last years royalties paid out ~$6700. What do we think of this https://t.co/9ut14tYXKr pic.twitter.com/nyyzibkijV
— Bandgang Lonnie Shea Bands (@cooopdetat) July 1, 2021