Tag Archives: nft’s

A to Z of Making It, Copyright, Influenced, My Stories

Four For Friday

A bit of Copyright, NFTs and Stallone.

NFTs

Remember when they were all the rage.

Sina Estavi is a crypto entrepreneur. He purchased an NFT of Jack Dorsey’s first tweet for $2.9M. It’s now worth $4.

Or check out this research which claims that 95% of NFT’s are worthless.

Not sure how owning a chunk of digital art on a blockchain is a valuable investment. Even Justin Beiber is down 95% on his Bored Ape NFT.

Non-Fungible Tokens (NFTs) are unique chunks of cryptographic data that connect to a digital object.

Let’s say we have a picture and its copy. If these objects are turned into NFTs, they will be distributed with unique identification codes, and will, be considered unique apart from the other. From this moment, the object that was once just a copy gained its own determined proof of existence, separating from its source.

Although the two NFTs now have an identical visual appearance, they cannot be treated as one thing and can have different financial values, hence the name ‘non-fungible’.

And somehow people came to the conclusion that these are good investments.

THE LABELS vs X

You know when you go on X(Twitter) and you see a music snippet shared by an account. It could be part of a video clip or a live performance.

Well the labels see this as “breeding” mass copyright infringement.

And since X basically ignores the takedowns from the labels, as a result, the labels sued, asking for $250 million and an ongoing licensing fee.

But X put in a motion to dismiss. The labels then counter argued and a judge in Nashville needs to decide if it goes to trial.

ROLLING STONES

Taylor Swift has shown other artists the financial windfall that could happen if you own your masters.

When Swift realized that she would never get her masters back, she went about and re-recorded the whole albums and made those albums, the versions people should stream and license.

This puts the power of Copyright back in her hands.

The Rolling Stones wished they could have done something similar because they lost their rights to all of their pre-1971 albums to their manager Allen Klein.

It’s just another case of a person who’s never made any art in their life, claiming it as their own and using it to for financial advantage. Geez, it sounds like a record label. Then again, labels did come up with the cash that most artists could never pay back.

As “The Rolling Stones” grew in popularity, they hired music-business accountant Allen Klein.

Klein negotiated a new deal with Decca and he also got a million-pound advance payment for their next album.

But he wasn’t paying Keith Richards and Mick Jagger their songwriting royalties. So they ended the partnership however as part of the severance, Klein managed to keep ownership of the Rolling Stones music for the years he managed them from 1965 to 1970.

But the Stones did receive millions of dollars in royalties from Klein but not as much as if they’d owned their music outright.

STALLONE

After writing the script of Rocky, Sylvester Stallone was offered $360K to not play the role.

The production company that was interested didn’t want him to play the role.

And since 1976, the rights to the Rocky franchise (which Stallone created) are in the hands of producer Irvin Winkler.

Standard
A to Z of Making It, Copyright, Music, My Stories

NFT’s

I read that Kings Of Leon are making history to be the first band to release their album as an NFT.

Apart from getting the album, there are six “golden tickets” on auction, which will give the fans who get these tickets, front row tickets to a Kings Of Leon show for life. In addition, there is another package that includes art from the album and Kings Of Leon past. The band is hoping that these rare and scarce items will go for a large price at auction.

And I was curious as to what an NFT is. Here is a great article over at The Conversation which explains the concept of NFT’s.

NFT’s are Non Fungible Tokens, a digital certificate like those authenticity certificates that collectors require for items they buy. This certificate gives the holder a claim of ownership to the asset and it can be transferred or sold onto others. It’s all underpinned by the blockchain technology.

But things are not what they seem. The person who has paid for an NFT, believes they have “ownership” of a digital asset. But this asset can be copied, pasted and shared, such as a movie or JPEG file or any other file. So in relation to the artwork, the Kings Of Leon fans are bidding for, they will only be owning the digital copy of it.

With any new tech, the carbon footprint is also analysed and NFTs are massive energy consumers, as they depend on a lot of computer power to encrypt the tokens.

Marketing Guru, Seth Godin believes NFT’s are a dangerous trap for people.

His blog post starts with the most ominous of warnings, “Like most traps, they’re mysterious and then appealing and then it’s too late.”

Because if you owned a rare baseball card, you had it in your possession and no one else did. And that is the principle that NFT’s are trying to replicate. The person will own a digital token. And the trap for creators is that most of them would fall into the hustle making their fans believe the art they creat is scarce.

As Godin puts it, “that’s the only reason that someone is likely to buy one–like a stock, they hope it will go up in value”.

But a lot of stocks pay dividends and they come with other benefits and rights, however NFT’s don’t. And people who buy NFT’s may not realise that there’s no limit to the supply. Those lifetime “front row” ticket auctions can be replicated over and over and over again. Godin believes the NFT industry has “bubble” written all over it.

And here is a post over at Vice, talking about the NFT art boom.

While artists deserve the right to make money and monetize their fans, let’s hope that the value the fans believe they are buying remains valuable and it doesn’t get exploited by greed.

Standard