Lil Dicky’s hit 2015 song Save Dat Money royalties are up for auction in first ever music NFT

Lil Dicky is venturing into the cryptocurrency world by issuing the first ever music publishing NFT (non-fungible token) for his 2015 hit song Save Dat Money.

The NFT will be auctioned Monday, June 7 at 11 AM ET through Royalty Exchange, the world’s largest platform for buying and selling royalties, according to Variety.

This allows investors to purchase a portion of the song’s royalties that will generate income every time that song is sold, streamed, broadcast, licensed or performed publicly.

NFT-bound: Lil Dicky is venturing into the cryptocurrency world by issuing the first ever music publishing NFT (non-fungible token) for his 2015 hit song Save Dat Money

Royalties: This allows investors to purchase a portion of the song's royalties that will generate income every time that song is sold, streamed, broadcast, licensed or performed publicly

Royalties: This allows investors to purchase a portion of the song’s royalties that will generate income every time that song is sold, streamed, broadcast, licensed or performed publicly

While the non-fungible token marketplace has been exploding over the past year, it’s been difficult to place an actual value on many NFT’s.

This Save Dat Money NFT, on the other hand, has a built-in income stream, generated every time the song is played on various platforms.

The NFT, a digital certificate of ownership, will be stored on the Etherium blockchain, with the auction conducted in Etherium’s native currency, Ether.

Income stream: This Save Dat Money NFT, on the other hand, has a built-in income stream, generated every time the song is played on various platforms

Income stream: This Save Dat Money NFT, on the other hand, has a built-in income stream, generated every time the song is played on various platforms

The rights the winner receives break down into three categories: mechanical, public performance and sync.

The mechanical royalties are derived from the sale of the song on physical media like a CD or vinyl, or when a song is streamed ‘on demand’ on a service like Spotify.

The public performance royalties are earned when the song, ‘over the radio, in a restaurant or bar, or over a service like Spotify or Pandora,’ according to Royalty Exchange

Rights: The rights the winner receives break down into three categories: mechanical, public performance and sync

Rights: The rights the winner receives break down into three categories: mechanical, public performance and sync

The synchronization royalties are paid when the song is licensed for use in a movie, TV show or a commercial.

The royalties will be paid out quarterly the cryptocurrency Etherium, which can be kept as cryptocurrency or converted into fiat currency such as the U.S. dollar.

While the winner can easily convert the crypto royalties to cash, Royalty Exchange believes their ‘RXT’ could increase demand for music royalties.

Demand: While the winner can easily convert the crypto royalties to cash, Royalty Exchange believes their 'RXT' could increase demand for music royalties

Demand: While the winner can easily convert the crypto royalties to cash, Royalty Exchange believes their ‘RXT’ could increase demand for music royalties

Quarterly: The royalties will be paid out quarterly the cryptocurrency Etherium, which can be kept as cryptocurrency or converted into fiat currency such as the U.S. dollar

Quarterly: The royalties will be paid out quarterly the cryptocurrency Etherium, which can be kept as cryptocurrency or converted into fiat currency such as the U.S. dollar

‘NFTs have very practical applications for buying and selling royalties, as the blockchain represents the ultimate standard in trust and transparency,’ said Royalty Exchange CEO Anthony Martini.

‘This is yet another tool to empower creators, while opening the market for music royalties to a broader spectrum of interested buyers. We’re only scratching the surface,’ Martini added.

Lil Dicky’s song Save Dat Money features Fetty Wap and Rich Homie Quan and was certified double platinum by the RIAA and was streamed over 221 million times on Spotify with the music video amassing over 166 million views. 

Practical: 'NFTs have very practical applications for buying and selling royalties, as the blockchain represents the ultimate standard in trust and transparency,' said Royalty Exchange CEO Anthony Martini

Practical: ‘NFTs have very practical applications for buying and selling royalties, as the blockchain represents the ultimate standard in trust and transparency,’ said Royalty Exchange CEO Anthony Martini

Music video: Lil Dicky's song Save Dat Money features Fetty Wap and Rich Homie Quan and was certified double platinum by the RIAA and was streamed over 221 million times on Spotify with the music video (above) amassing over 166 million views

Music video: Lil Dicky’s song Save Dat Money features Fetty Wap and Rich Homie Quan and was certified double platinum by the RIAA and was streamed over 221 million times on Spotify with the music video (above) amassing over 166 million views