HitPiece, the music non-fungible token (NFT) platform maybe finest identified for the controversy it generated when it launched in beta again in February, is now formally reside. And in keeping with co-founder Rory Felton, the up to date model will goal to keep away from the identical copyright points that the beta model confronted.
HitPiece’s beta launch brought about a stir amongst musical recording artists who claimed that their work appeared on the platform with out their information or permission. HitPiece ultimately determined to take down its beta internet web page.
Felton instructed The Block that it discovered from the neighborhood suggestions and made enhancements to the platform, which the agency desires to turn out to be the go-to place for music NFTs.
Emphasizing possession rights
In line with Felton, there was no music on the HitPiece beta platform in any respect, and that the startup would by no means promote music with out the correct industrial rights. It was supposed to be a non-public expertise constructed on a non-public blockchain, he mentioned. Nothing was decentralized or could possibly be bought on a third-party market.
Nonetheless, artists noticed their work on HitPiece and claimed it had been minted as NFTs with out their permission. The Recording Business Affiliation of America even despatched a requirement letter insisting HitPiece stop and desists its NFT gross sales.
“Clearly, based mostly on the suggestions that we received in early February, we realized we made some errors.” Felton mentioned. “We didn’t put the correct guardrails in place across the product to make sure that solely artists and rights homeowners might mint create entities containing their inventive belongings. So we took that beta down and rebuilt a product that we expect is smart for {the marketplace} and for artists.”
5 months later, because it launches to most of the people, HitPiece is prioritizing possession rights and benefiting the artists who use the platform.
Felton mentioned the partnership with Audible Magic, which the agency introduced on Wednesday, displays that emphasis. “We partnered with [Audible Magic] as a result of we expect it is necessary that solely homeowners and rights holders mint NFT containing that music.”
Audible Magic comprises over 100 million songs from over 400,000 document labels, as of 2021. Artists and rights holders might want to register on HitPiece, confirm their identification after which have their uploaded content material checked towards Audible Magic’s database to make sure that no copyright guidelines will probably be damaged by minting an NFT.
HitPiece can even cowl the transaction charges and minting prices for artists who use the platform. The platform may evening cowl fuel and mint charges without end, nonetheless, in keeping with Felton.
Felton, a longtime music lover, co-founded HitPiece in 2020 with Jeff Birmingham, an early investor in Spotify. “It turned clear to me that there have been alternatives for music artists who benefit from the area to generate new income streams and join with their followers in new methods within the metaverse,” mentioned Felton.
“In music, Web3 has vital potential to be a catalyst for rising creative integrity, management and engagement for any musician, regardless of their attain,” musician ATL Jacob in an announcement related to the platform’s launch. ATL Jacob, who has reached first place on Billboard’s Sizzling 100 Producers chart, is among the “dozens” of artists already utilizing the platform, in keeping with HitPiece.
“My dream is that each music artist onboards into web3 sooner or later,” Felton mentioned. “I believe some will probably be sooner and a few will probably be slower into this area, however I believe it is right here and I believe that form of like an ostrich placing their head within the sand to disregard it.”