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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.
Agreed – although down the road it could be useful if Libraries start using NFT marketplaces. For us, it would be a single place we could upload, and any library could potentially resell it – and we could collect a % of any subsequent resale.. rather than us having to have logins to x#’s of libraries. That’d be down the road a bit.
The thing blockchain offers is guaranteed ownership of the asset at a single access point, with credentials verified.
OpenSea doesn’t even have a category for music on their site, despite these jaw-dropping celebrity project sales.
It’s early… but it’s coming.
-and it turns out the miner’s fee is highly variable, depending on the demand on the server. The last quote I got was $148.
Posting music on OpenSea is similar to uploading on CD Baby and other services.
First, create an account on a virtual currency exchange (I used Coinbase) and buy some Ethereum, and create a Coinbase Wallet, installing both CoinBase and Coinbase wallet on your phone. Make sure they’re connected.
Your Ethereum purchase will take a week to clear through Coinbase, so you need to become a virtual currency investor in order to participate. NFT’s (Non-Fungible Tokens) reside in the Ethereum blockchain, which allows the attachment of files and text to your token.
To list a digital asset for sale, you’ll “mine” it on OpenSea (or some other exchange.)
On Open Sea, create a collection, add a description, then add items to it. You’ll add a sound file, graphic, and description for each file.
You can define your license terms in the description.
When you have everything added, you can set up Sell for your items or collection.
Note that there’s a “miner’s fee” to put an NFT for sale (like the CDBaby fee).
To sell a collection as an album, create a bundle. It’s a bit steep, with the quote I saw at $134 to put my bundle for sale.
In order to pay the miner’s fee, I need to transfer ETH from my Coinbase account to my Coinbase Wallet, for which they want a $9.50 fee.
I’m debating whether to proceed.. 🙂
AFAICT the value comes from the fame of the original creator, or the fame of the asset.
For example, the Harold Arlen estate could do very well with an NFT for the copyright on Somewhere Over the Rainbow – but, my rando commercial cue is an unknown asset from a very un-famous person…
I might try creating NFT’s of some old CD releases that got airplay awhile ago…
The trick is to go to a site like Ocean, put stuff up, and see what happens.
You’d upload a file into the blockchain. Anybody who buys it becomes the new owner,
Maybe it’ll develop into an alternative to music libraries or Soundcloud at some point..post once, market many.
I hit the “contact us” form. A guy got back to me within an hour, asking about my business and why I was interested… I replied.
A half hour after that, I got an email from a person there who handles music tracking accounts (one of the many departments at Numerator). She offered to set up an account… free. Only costs $ for reports, but you can get ad ID#’s free…
– as opposed to Tunesat that has a signup button right on the front page for a subscription service.
Anybody know, does Tunesat track YouTube, or postings on library sites? Or both?
I’m looking at the Numerator site now – and there’s no hint of how to sign up, or any link to music tracking…they offer all kinds of metrics, but nothing visible about tune tracking.
Tunesat is obviously focused on tune tracking…and appearances of all uses (web, YT), not just ads
How do you get into Numerator’s tracking?
Do libraries have the ability to detect if your exclusive is listed in another library under a different title?
Or is that only if it gets a placement and it comes up in a scan?