Blockchain platform Rocki has announced the sale of the royalty rights to progressive house musician Guy J’s song, “Cotton Eyes” for 40 $ETH, equating to approximately $26,000. The sale is the first auction of its kind on Rocki, as it was facilitated through the sale of an ERC-721 standard NFT. The token was auctioned using decentralised auction protocol Bounce.finance.
Rocki will also look to issue another type of NFT (ERC-1155 standard NFT), which will allow customers to experience exclusive listening privileges. Bjorn Niclas (Rocki CEO and co-founder) stated that during the platform beta launch thousands of artists uploaded over 30,000 tracks. Rocki aims to capitalise on other streaming platform competitors such as Spotify, as they pay “only pocket change” for independent artist’s work. Rocki announced their aim to become “the preferred streaming service for all genres of independent artists.”
The concept engaged by Rocki is an exciting development for the NFT space. The unique attributes of NFTs create verifiable digital scarcity, meaning it is impossible for the tokens to be exchanged or replaced.
Many budding NFT enthusiasts see the potential of tokenised property rights to be a strong element for further adoption of NFTs. The the ability to tokenise and transact all aspects of life from around the world. Life in itself is non-fungible, so to tokenise parts of it to build a more sustainable approach to Gross Domestic Product (GDP), is a long term vision for NFT enthusiasts.