The World Of Music & NFT's | Practice Source - Legal News and Views

Our favourite music industry newsletter Motive Unknown has produced, this week ,a whole section writing about the world of Music & NFT’s – Non Fungible Tokens

We get the impression it will be a regular ssection which , we suggest, means you subscribe to Motive Unknown.

NFT’s are the current future !

NFTs for copyrights: Why non-fungible tokens could transform who gets paid from music rights, and how

“This year Bluebox is launching both a copyright exchange and an IRO ‘initial release offering’ platform,” he explains. “Similar to sites like Polkastarter or Coinlist – where blockchain projects harness power of community to fund initial offerings – Bluebox IRO will let artists pre-sell music to a community who will then be able to own a piece of their art, as an NFT.” For shrewd collectors, this creates the opportunity to buy “shares” in an artist’s work before it’s even been released – also creating an alternative source of funding for the artists themselves.

Joe Conyers III exits role as Chief Strategy Officer at Downtown to lead new NFT Platform from Crypto.com

In this new role, Conyers will oversee the development of Crypto.com’s new invite-only NFT platform, which a press release claims “will feature the world’s top artists, athletes and sports leagues”. Crypto.com currently serves over 10m customers and employs 900 people. Co-founder Kris Marszalek states that the platform is aiming for 100m over the next two years, and that “there is no doubt the NFT market will be a major growth driver”.

The new Atari Metaverse gaming platform will let creators mint and distribute NFT collections to fans

The partnership announced today will see Atari and Bondly work together on the creation of collections of NFTs, covering gaming, music and more areas. Atari then aims to combine these NFTs into a brand new gaming platform called the Atari Metaverse. The Atari Metaverse, says Atari, will combine the best aspects of the company’s legacy gaming properties and “the most current entertainment creators in music and gaming, using Digital Collectibles and NFTs as a core component of the entire Metaverse experience”.

Hackers Stole Thousands of Dollars Worth of NFTs from Collectors

On Sunday, several Nifty users on Twitter posted that they’d been targets of fraud on the platform. One claimed that someone accessed his account, first sold all of their NFTs and then bought more than $10,000 worth of NFTs, and then transferred them to another account. Another said their account was hacked to buy $20,000 worth of NFTs and steal another $150,000 worth from their collection. These users said the charges went to their credit cards; Nifty Gateway has long advertised the ability to simply purchase NFTs with a credit card rather than using cryptocurrency

Music and NFTs: don’t believe the hype?

Bacon: “It would be interesting to see if the artists themselves really understand the implications and the underlying tech. The parallel is that a lot of people are getting involved in something they don’t understand. With ICOs we saw celebrities being brought in, and they didn’t know what they were getting into – it was a fast way of making money. I’ve heard record companies say they want to ‘get into the backwash of cash flowing out of Bitcoin’ – they saw that the people who got rich on Bitcoin need something to buy. That’s an oversimplification – the people who really got rich on Bitcoin won’t spend their wealth on a “signed jpeg”.

The World Of Music & NFT’s