The Vision of NFTs in the Music Industry
Hello everyone! I first just want to say thanks for taking a few minutes to read this post on my vision of NFTs in the music industry. I have been getting asked allot of questions on the 'why' behind music and NFTs and what is the proper use case. I explained allot about my vision of using NFTs in music in a comment on a post from @nickhavey that you can check out here.
I just want to take this time to address the vision in a more official post manner that will be shared on the @blocktunes account as well. I am going to try and be as expansive with explanation as I can.
The Best Use of NFTs in the Music Industry
When most people think of NFTs these days, they think of all the punks, turtles, and apes that have been overtaking the space in what I call the 'beanie baby' craze. But the actual use case of NFTs goes way beyond having a rare pixelated jpeg.
Copyright Music Licensing
Copyright and publishing licensing in music has been apart of the industry since, well the industry has existed in one way or the other. In the music industry as we know it, the big record labels basically own the rights to the music and in most cases, the artists actually give up those rights, but the label also handles all of the business side of things which makes the artist and the music they are being forced to pump out are products or assets for the label.
Well with independent musicians, it can be difficult to navigate theses worlds on your own. Most people do not even know how to 'Poor man copyright' their work which is basically taking a recording of the master file and sealing it in an envelope and mailing it to yourself. As long as you do not open the envelope, you can use this in court as a copyright. Now you can also go through the official ways and pay a bunch of legal fees and such, but it's not necessary.
This is where NFTs can come into play...
On Blocktunes, artists will have access to a special collection that they can mint their work as the creator copyright and hold in their wallet as the proof of creative ownership. This license should not be sold or transferred unless you are giving up your creative rights to the work.
Royalty Free Licensing
This is where I thing we can make music NFTs shine! Royalty free licensed NFTs or as @NFTshowroom calls it, Limited Reproduction Rights, gives the owner the license to use the work in commercial works without having to pay additional royalties for future use. This is very useful for video content creators who want to purchase music they can use on their videos without getting copyright strike issues, or for sync licensing where people can use the work in film, TV, games, etc. DJ's can also use these licenses to build a playlist of music they will not have issues playing out.
These licenses should be sold for a decent amount because you are allowing people to use the music in their work. THIS DOES NOT GIVE UP CREATOR COPYRIGHT OR PUBLISHING RIGHTS!
Royalty free licenses do not give the owner the ability to resell the music as their work or as a publisher, only play use. We may offer a publishing rights license later on if we get requests for it. This would allow people to purchase the publishing rights meaning they would be the 'label or publisher'. They would be the ones putting it out for distribution, etc. You would need to come up with proper terms for this or sell this license for a large amount of money. If the artist was smart, they would then put that money into a DEFI yield farm and earn on the purchase passively no matter if the other party sells a single copy or not!
Private Rights
This is where you would sell a work as a rare piece of art. Think about if you ever went to a CD or if you are my age or an old school style DJ, you would be hitting vinyl shops. There would be limited editions available with some awesome artwork and such available. NFTs can give artists a way to mint private rights NFTs of say rare performance recordings, visualizer videos, music videos, etc, and sell it as a single or limited edition piece of art! Music is art, the traditional industry has killed that idea, but our goal and mission is to bring back the fine art value to music! These pieces can be purchased and resold on the BlockTunes NFT markets or whatever marketplace or blockchain you mint it on, but NOT used for commercial purposes.
The Opportunities Are Endless
I mean that. There can be all kind of different opportunities to use NFTs for ownership purposes aside from just having a collectible piece that you can trade up. We are intending to give actual use case to NFTs. Many people talk about this and there are allot of bigger artists starting their own NFT collections, but we are hoping to take it to the next level! If you have any other questions for this please feel free to comment below and let's have a discussion!
Until next time... make sure to come check us out on BlockTunes.net!
Be Cool, Be Real, and always Abide!
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Thanks for all the help and going into it all with NFTs.
The other thing I would like to ask about is what happens if the blockchain you are using to mint the NFT on gets corrupted, shut down, stops working, hacked or something else that causes you to lose the proof of licence/copyright etc?
Obviously a bit of a black Swan but are there fail safes with blocktunes like using other chains (I know you mentioned BSC before)
If that ever happens then you have way worse things to worry about than just your music copyright, lol. Our collections are build on BSC which I don’t feel is going anywhere anytime soon and has a ton of value going in it. If it’s managed to stay in the top 5 this long, I feel it’s pretty safe. But if you are worried about that, back yourself up with the old school poor man’s copyright.
What can I say, I like to cover all bases and worse case scenarios lol 😁
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BSC is built using the Cosmos SDK and I also think it's not going anywhere that soon. So excited about this project.
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I don't think memory would be erased from the blockchain. It's like the best thing to happen and the worst thing to screw up on
The NFTs should first focus on independent or experimental artists that are not too well known, and from there it is a matter of waiting for a song of theirs to explode to make this type of technology known to the mainstream public.
That's why our focus is indie musicians.
The key is to get more independent artists to accept the technology and start promoting it to their fanbases (however small they are)
The mainstream artists making bank will hopefully wake some smaller artists up ti the possibilities
Music NFTs will change the industry and let fans be apart of the superstars world. Not only with the music, but other perks especialy for them.
Just wait till you see how we are working DAOs into the mix.
Biggest thing with music and NFTs I believe would be practically going out the box from what others have like with us and my team we've been putting out ideas but what would top all is can there be a way NFTs could be a all party benefit from the ones who made it to who trades it after all if musicians going to become assets might as well make their own
So with our openTunes collection, both the person that mints the NFT and the market both get an automatic cut of any resales that happen. Other than that, I am honestly not sure what you are saying, sorry.
Interesting. That sounds like a huge competitive advantage compared to other businesses out there. The market will be happy to find this out as I am :)
You're fine, I'm saying that with your blockchain project that would add something creative something new that people could use beyond what people like opensea or nft showroom does you would have a solid project for sure. That's what I'm saying
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This is too cool! I actually need to use something like this for my videos… Great timing! 😎