Disaster as “NFT Music Stream” Enrages Artists By Pulling Music From YouTube
NFT Music Stream bills itself as a decentralized music distribution system designed to empower artists through the wonders of NFTs. After artists in their droves complained that their songs were being distributed against their wishes, the platform admitted that the tracks were being pulled from YouTube. Even worse, one of those musicians is artists’ champion David Lowery, a fighter they really don’t want to take on.
The non-fungible token (NFT) craze that’s been sweeping the internet for months now is a truly sight to behold. Huge sums of cryptocurrency are traded for these often Ethereum blockchain ‘items’ alongside dreams that one day they will be worth substantially more.
As a result, the hype around NFTs (particularly where they relate to some kind of art) has reached astonishing levels, with new projects appearing all the time promising to revolutionize this and democratize that. Since the music industry is often criticized for not doing enough to support artists, some platforms have decided they can do better.
Thus far, it hasn’t gone well. Early February the RIAA stepped in to issue a cease-and-desist against HitPiece.com, describing it as a scam site designed to mislead and defraud fans with its offer to sell them NFTs genuinely associated with artists. According to their RIAA, that certainly wasn’t the case.
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