{"id":292205,"date":"2021-07-06T21:49:00","date_gmt":"2021-07-06T18:49:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/a-tribe-called-quest-not-involved-in-nft-royalties-auction-say-ali-shaheed-muhammad-and-q-tip\/"},"modified":"2021-07-06T21:49:00","modified_gmt":"2021-07-06T18:49:00","slug":"a-tribe-called-quest-not-involved-in-nft-royalties-auction-say-ali-shaheed-muhammad-and-q-tip","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/a-tribe-called-quest-not-involved-in-nft-royalties-auction-say-ali-shaheed-muhammad-and-q-tip\/","title":{"rendered":"#A Tribe Called Quest Not Involved in NFT Royalties Auction, Say Ali Shaheed Muhammad and Q-Tip"},"content":{"rendered":"

“#A Tribe Called Quest Not Involved in NFT Royalties Auction, Say Ali Shaheed Muhammad and Q-Tip<\/strong>”<\/p>\n

\u201cA Tribe Called Quest Partners with Royalty Exchange to Launch New NFT That Pays Buyer Ongoing Income\u201d read the press release issued by representatives for Royalty Exchange, an online platform for buying and selling royalty assets. The NFT<\/a> (non-fungible token) promised \u201csound recording royalties from iconic and trailblazing hip-hop group A Tribe Called Quest\u2019s first five studio albums” for a period lasting the \u201cLife of author + 70 years.\u201d The auction closed last week, with a user named \u201cStephen F\u201d placing the winning bid of 40.191 ETH, equivalent to $84,765 at the time of closing.<\/p>\n

The share that Stephen F won app<\/a>arently entitled him to \u201ccollect royalties generated from sales, streaming, and sync fees for any of the included albums, as well as the individual singles, released by the group between 1990 to 1998.\u201d According to A Tribe Called Quest member Ali Shaheed Muhammad, however, the group did not partner with Royalty Exchange\u2014or even know that a share of ATCQ\u2019s royalties was up for sale.<\/p>\n

Muhammad said the share in question originated from ATCQ\u2019s original contract with Jive Records. He said PPX Enterprises, the management company representing the group, inserted a clause in the contract that entitled PPX to 1.5% of ATCQ\u2019s royalties, which the group did not discover until years later and would challenge in court.<\/p>\n

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In exchange for signing on for another album at the completion of ATCQ\u2019s original five-album deal, Muhammad said Jive offered to help litigate the case, making \u201cthe PPX issue disappear.\u201d According to Muhammad, Jive settled with PPX, which received an undisclosed \u201cshare\u201d from the settlement. PPX\u2019s settlement share is what got sold as an NFT, Muhammad said.<\/p>\n

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Following Ali Shaheed Muhammad\u2019s disclosure, Q-Tip tweeted, \u201cif you are hip hop publication and reported tribe is doing a NFT we aren\u2019t and can you pls retract any story that says so?\u201d<\/p>\n

Pitchfork has reached out to representatives for Royalty Exchange, A Tribe Called Quest, and Ali Shaheed Muhammad for comment.<\/p>\n

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https:\/\/twitter.com\/QtipTheAbstract\/status\/1412468504784162824<\/a><\/p><\/blockquote>\n<\/div>\n

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