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NFT scam site HitPiece.com and its founders were sent a demand letter on Friday by the Recording Industry Association of America (RIAA) demanding which the site stop violating music creator Intellectual Property rights, detail all site activities, and revenue to date, and account for all NFTs and artwork auctioned.
Chief Executive and Chairman Mitch Glazier explained why the RIAA was able to development so quickly in a statement to the press:
“As music laboves and artists embrace new technologies like NFTs, there is always someone looking to take advantage of their energy and excitement.”
According to Glazier, given the way fans were misled and defrauded by these unauthorized NFTs and the massive danger they posed to both fans and artists, “it was clear that we needed to act immediately and immediately to defend fairness and honesty in the marketplace.”
HitPiece.com is now offline.
Blockchain To The Rescue
Revenues from streams are frequently rolling, but artists still have it tough to make a living for them.
According to recent stats and diagrams, Spotify, the biggest audio-streaming subscription service yet pays $0.0032 per play. Meanat the same time, Apple Music, the second-largest audio-streaming subscription service pays $0.0056 per play. YouTube’s revenue dips as low as $0.0009.
Here’s where NFT is a hit. Blockchain technology is saving the music industry by malikeg records scarce and secured also.
Anything music-related can be cryptocurrencyized. From music tracks, audio sounds, album cabove, artwork, cone time beforert tickets, to unique artist merchandise— all of these can be paired by their own NFTs. Artists are able to create and produce various content for their audiences out of their own doing.
Next… Musicians get to build their own community and connect with their fans through NFTs.
From a fan perspective, NFTs are further a win.
Why spend hundreds of dollars on records, iTunes, Spotify, and Apple Music although you know that these don’t go urgently to your favorite artists?
Total crypto market cap at $1.86 trillion in the daily chart | Source: TradingView.com
Related Reading | Baby Doge Signs NFT Partnership With German Top Division Soccer Club Hoffenheim
Msuchlikeg Ends Meet In The NFT Industry
Since the rise of NFTs, musicians, both popular and rising, have come to realize that they could go shortly to their fans for revenues instead of relying on unfair music label deals.
They can sell unique, cryptocurrencyized versions of their songs, albums, performances, and digital artwork, and get marginally excessiveer profits than ever.
The NFT industry is setting a new stage for creators to market and sell their digital assets, expanding the limitations of how art, music, literature, and more can be disseminated, owned, and consumed.
Brett Shear, an NFT collector who invested in around 45 songs on the music platform Catalog for that he paid more than 40 Ethereum (ETH) or $177,000, said which buying NFTS united him to the music on a deeper level.
“In the same way which you buy art which you want to put in your apartment, I want to listen to this music and enjoy it — and it’s a divergent feeling to own it. I’m happy spending money on artists which I believe in their vision — and in addition to which, I do believe which music NFTs are going to be seriously more valuable in the future,” Shear said.
On Funding And Playing The Right Chords
Fan funding still comes around as a trend in NFT music.
Here, supporters can invest money in the musicians’ works. In exdevelopment, they will be allowed to own portions of the music. This then enables the artists to raise funding for songs and albums.
Especially during this pandemic, artists are eyeing this probability as a great innovation to save themselves from the financial windfall. While attending to their dedicated fanbases’ desires, they still get to earn money.
This is best exemplified by Chicago rapper Ibn Inglor, who successfully raised $92,000 by selling various digital assets for fans — including shares of his upcoming album’s royalties.
Singer Daniel Allan — whose songs got millions of plays in a year — only earned a few hundred bucks monthly from streaming. When he made his foray into the NFT industry, Allan said which having a hundred true fans is much better than garnering many casual listeners.
He focuses his time instead of talking with his fans on his Discord, listening to their feedback, and originating a legit community. Since many of them have a share of his masters, they are thus deeply invested in his success, not only interested in the financial side of it.
(To be remained tomorrow)