Anyone know anything about music NFTs?
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“Don’t buy them.” Hope this helps.
well, a lot of reasons
- IP law has not really caught up to the NFT problem. it’s unclear what you “own” when you buy one. the right to commercial use? the copyright? a license?
- NFTs are 90% scams right now. the value of a digital NFT asset would really be in the right to exclude others from using it. that is the essence of IP law protection. but anyone can copy your NFT and go do whatever they want with it and you’re never going to sue them, and no one is (as of right now) going to automatically detect it. NFTs will make way more sense when there is technology (like Digital Rights Management) where website X won’t allow your photo upload because it detected copyrighted/registered material
- blockchain makes a hell of a lot more sense than NFTs and crypto right now. NFTs are a solution in search of a problem. no one has explained to me a real, actual reason to buy an NFT other than “it’s art and it will go up in value”
- music is, to my knowledge, not easily applicable to NFTs. Sure you can store a lossless file in the blockchain, but we’d all need to agree on a codec to download it. Also, the PTO doesn’t give a f*** about an NFT right now, so what’s the value? My opinion would change if the PTO started accepting blockchain song entries as copyright registrations and proof of ownership
- 90% of the people selling NFTs are scammers or idiots. I know that’s anecdotal but take a look around, half the people talking crypto to me don’t even really know how it works.
- the one idea I’m actually interested in is proving IP ownership by registering IP to the blockchain. but that’s a problem the government needs to partner on
Imagine owning music, but the only place you can listen to it is from a computer that’s locked in a closet in the Cayman Islands