The sale, announced in partnership with Royalty Exchange, will encompass 1.5% of sound recording royalties from the group's first five albums.
Following on its announcement earlier this month that it would allow rightsholders to sell off their royalty streams as non-fungible tokens (NFTs), online music royalties marketplace Royalty Exchange announced it will auction off a 1.5% share of the sound recording royalties from A Tribe Called Quest’s first five studio albums. The share to be auctioned off is owned by a third party; A Tribe Called Quest was not involved in the deal.
The starting price for the NFT will be listed at $35,000 with a 10% royalty upon any resale, which will be 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 and more.
The 24-hour auction kicks off Wednesday at 8 a.m. PT/11 a.m. ET. It can be accessed here.