Edited onSeptember 27, 2022

NFT hype ignites some really good discussions


NFT investments (or art IP in general) are hot. And yes, there are serious challenges to overcome. But one thing is for sure: The NFT hype ignites some really good discussions and innovative monetization models in the traditional music industry. NFT raises questions about basic ownership, digital (creative) IP, copyright law, monetization, taxes, etc. And the pace of this unfolding story is much faster than we have witnessed before. Solutions to register your IP before you upload (e.g. https://www.TakeNode.org), highly adaptive international market places, new currencies and a great discussion about copyright and the option to transfer ownership. Believe it or not but Beeple (https://lnkd.in/dqY4BMcJ) , the artist who famously sold an NFT for $69 million (https://lnkd.in/duwhxcPS) , has been using Creative Commons (open) licenses for years.

And that's ironic because if you ask a senior manager at a major music label or collecting society about the value of Creative Commons, 9 out of 10 will answer they don't understand why composers and performing artists would be interested in open licensing models.

The devil is in the details. Artists and service providers can: register and publish creative IP in such a way machines can read the meta data (public IP registries for media assets, smart contracts, NFTs), organic traffic can find the assets in publicly accessible databases (e.g. Free Music Archive) and digital native music licensing service provides (Tribe of Noise, Epidemic Sound, Artlist) can curate and market original music via fair, transparent monetization models.

So even if you totally don't like NFTs or their environmental impact... remember it does spark many dialogues about the future of the music / art industry.