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What are the caveats of the copyright side of NFTs? As musicians with media content in internet, should we have three eyes scouting for stolen music sold as NFTs? Maybe it’s time to offload my music of the platforms that are only for showcasing?
I think maybe the best way to deal with that is with services like Competitrack or TuneSat. Companies aren’t going to risk copyright violation fines or penalties, I think.
Meanwhile, I went ahead and built a little NFT library on OpenSea – https://niftycues.com
I have no expectation, only curiosity.
Long term, if I were running a music library, I’d be worried about NFTs and their capacity for direct licensing.I checked out Opensea.io and all of this just seems very confusing at this stage in the game
and then based on this explainer video below, it seems like not only will it take perhaps a day or two to set up an account, a crypto wallet for ethereum, etc.etc….It seems like it would cost a music producer/ original creator $57 just to get one track on the open sea platform. Then there are no guarantees anyone will buy or see your music asset, and then you have to be comfortable getting paid in ethereum and not $$$$Dollars, or fiat money
So yes this seems really cool and futuristic, but I personally feel as though there is a lot of risk (time lost and money lost) getting involved in this “minting” scene. “Minting” is bringing a music track into existence on the blockchain, but it costs “gas” to do so.
At first glance, I am wondering if we’d be better off just investing in ethereum and seeing how high that goes, as opposed to creating an NFT to sell in our “collection”.
I will keep an open mind about all of this, but wow….. does this process seem extremely complicated.
And indeed, I too am very concerned about criminals stealing music and then “minting” the tracks as NFT’s on the blockchain.
Has anyone delved deeper into potential NFT adoption?
I think there may be some direct licensing opportunities for composers who can build community around their catalogue. Perhaps by offering limited edition “packages” of tracks which not only have utility through license to use in projects, but also have some type of “unlockable” tradable value. Or perhaps simply offering NFTs as a promotional tool? This could be setup relatively inexpensively in OpenSea, as once you’ve paid the initial store fee you can mint without further cost.
I read that these digital meme type NFT’s could be some sort of Avatar that someone can use to identify themselves. Can be used with emails, online profiles, avatar for your video game player . Sort of your signature line or identifier. I was thinking why not attach/include music to this. So imagine playing a video game, your personal avatar can be used in any game and also could include a 5 second theme music piece that represents their avatar. Bundle it all up, moving avatar with theme music and maybe even NFT voice when your player says anything in the games. If that is REALLY the case and the future, then possible stinger type pieces could be used. I personally would not invest in a digital identity such as this, but I am old school. Future years, decades, generations, it might be the big thing. It is something to keep an eye on. As far as I am concerned, unless you are a well known artist, I would be surprised you could make much. But who knows. You don’t know until you try. Keep in mind that platforms to sell your musical NFT such as Open Seas you will need to use Crypto to pay for adding your music to the blockchain. At least that is my understanding.
I’d not heard about the avatar NFT specifically, but it doesn’t surprise me as it all ties in with the concept of the multiverse era, virtual worlds, and the tokenisation of culture already taking place.
I’m no expert here but, in terms of minting NFTs – yes, you will need a digital wallet (or several) and some crypto to get you started, but it’s worth noting that the Ethereum blockchain (high gas fees) and OpenSea aren’t the only options. Eg. I’ve recently been minting on https://www.hicetnunc.xyz which uses Tezos coin which, despite an increase in fees, is far cheaper. Cardano blockchain is also one to keep an eye on right now.
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