Music, NFT, and Internet Assets

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I understand that NFT is currently a hot topic and is gaining ground, but it does so only with the intention of making profits and without any positive impact on creators or users.

Atsushi Inaba, CEO of Platinum Games, speaks who just needs a few jokes to defuse the tech world’s next big thing: NFTs, after all, aren’t a lucrative asset to the video game world.

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In a detailed article on the issue, Casey Newton su . said the edge He notes how, among the reasons for the failure to use NFT in the context of games, there is a weaker user by a system that has long been trying to support itself through unhidden requests for money from players, including microtransactions and loot chests, but it certainly plays a role Important in this sense is also played by the fact that the collectible element inherent in the NFT remembers the process behind earning in-game achievements, trophies and rewards that players get for free once playing.

Looking into the future, it may seem that only the music industry has understood how to make the most of non-fungible codes.

It is, of course, the context that has been speaking to us for the longest time, which already in March 2021 welcomed the first album released on NFT (that is when you see yourself by Kings Of Leon), where NFT and traditional versions of the same song coexist peacefully and which, according to Newton, among memorabilia, mugs, and T-shirts, have more confidence in collecting culture. But the discourse is clearly more complex than that.

Two contradictory events suffice to prove this.

In the spring of 2021, Shawn Mendes teamed up with designer Genies to transform his guitar, ring, and stage wear from his latest tour into promotional NFTs for the market. strong. The initiative, however, seemed to end with nothing, even social networks ignored it; A few days ago, the Coachella Festival organizers announced that they had sold, in the form of NFT, ten lifetime tickets to the event, garnering exceptional unanimity.

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And then, perhaps, the dialogue between music and NFT is really effective when we don’t lose sight of that experiential element, that relationship with the real world that becomes increasingly central in the relationship between digital and user. players.

These are key details that also re-engineer the role of NFT for artists. It is common practice for NFTs to be used primarily to avoid distributing songs to traditional streaming platforms, which often reduce, between royalties and percentages, the artist’s earnings from each broadcast to zero.

To prove the effectiveness of the icons in this sense, some typical stories, such as the story of rapper Halik Mull, who distributed his songs in NFT on the market catalog earned about three hundred thousand dollars (compared to a meager income if the same songs were distributed on Spotify). But the absence of true mediators between the work and the artist stimulated above all the development of a microcosm in which the free dialogue between the performer and his audience could be rediscovered. The catalog itself, for example, is the realm of dozens of emerging artists, who, rather than challenging Spotify’s algorithms, prefer to introduce their music to the narrow circle of their fan base, maximizing their profits and disguising their creations with an aura of exclusivity.

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More interesting is the case Royala kind of middle way between the streaming service and the market, which allows users to not only own the tracks of artists in the form of tokens but, above all, share royalties with them.

This path that transcends artist and mass entrepreneurship is taken to the extreme MusicFunda platform where everyone can become a member by purchasing certain NFTs that each month choose to fund a small group of artists with their mutual fund bitcoins.

The dialogue between music and NFT draws a context very similar to Web 1.0, consisting of a rebellion against free conventions and cooperation, a space in which a theory 1000 real fans By Kevin Kelly, which according to enough 1,000 ardent supporters to back an artist’s work, really seems to have been confirmed.

So far, however, the dialogue between music and NFT has moved on extraordinarily unstable ground, with the parties involved postulating major revolts but seemingly ignoring some critical issues that threaten to undermine the dialogue from its foundations.

The first refers to the creative role that dialogue (particularly if conflicting) with record companies also includes within the record lifecycle. Think about the massive process of reworking her albums that kept Taylor Swift busy for a few years. Unable to control the masters of her first recordings, in possession of the old record company, the singer actually decided to re-record from scratch.

And so these records become wonderful dual entities, both copies of something that was and entirely new products, shaped by the time and experience gained over the years by Swift. If music NFTs existed in the early 1900s, Swift records would have been ideal material for this market: The singer broke up with the record company and, if she’s lucky, quickly ends up masters in the catalog. But there will be no conflict and tension, and perhaps also for this reason, the proposed material will be less interesting than the one that was produced years later.

So far, songs and unpublished materials have been converted to NFT, but the lack of a project using the NFT ecosystem to work on the sound quality of individual songs is really incomprehensible: what is the point, after all, to have a song that is “unique” but is in the same audio format as on platforms? Why not buy, with the token, the high definition audio version of the same song (which platforms like Spotify can’t have)?

It is clear that the last critical issue is related to the lack of real self-regulation in digital markets.

In the case of musical NFT, the context is so fast that the first angles are already starting to emerge: at this moment, for example, in the music section of open seaNFT’s largest marketplace, there’s both sound designer Flume’s latest EP, featuring a coveted blue check attesting to his verified profile, as well as a weird assortment of different, unreleased songs from rapper XXXTentacion, a very young talent from Toffee Scene. Trap in 2018.

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However, the verified person is not there, and here the auction becomes a leap in the dark. The attacker would need little to convert their mp3 songs to NFT and earn money on them bypassing the artist or, more skilled, they could create an NFT starting from songs created with rudimentary AI systems that would recreate the sound from scratch and style. for a specific artist.

Then here’s that the relationship between music and NFT will quickly reach the brink.

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