They discover that an NFT music service clones YouTube music.
If you don’t know what an NFT is by now, you shouldn’t worry. After all, many of those who spend money on these virtual tokens don’t know it either. NFT Music Stream is proof of this: a service that I didn’t even sell really NFTs, nor did it fulfill the main promise of the platform . According to its creators, this business came to deliver justice within the music industry. However, the thing has remained in a shabby scam for both customers and artists .
Table of Contents.
1 The music industry is unfair. NFTs are NOT going to fix it 1.1 Two cases, two puffs 2.1 What conclusions can we draw from all this?
The music industry is unfair. NFTs are NOT going to fix it.
We know. The music industry it is tremendously unfair to artists . The platforms are usurious and the producers are abusive. Of the whole cake, your favorite creators usually taste the crumbs. And there are not a few artists who have tried to deal with industry without much success. There must be a reason.
And this is where our friends the NFTs come in. In addition to photos of monkeys, Cryptopunks and Golems by WillyRex, that non-fungible tokens They have also come to save the music . Yes, in its own way. The two most notorious cases of NFT and music are already officially cataloged as scams .
Two cases, two puffs.
The first case occurred earlier this month. The RIIA (the American SGAE, so that we understand each other), sent a cease and desist letter to HitPiece.com . The site was dedicated to sell NFT products associated with artists . According to the RIIA, it was all a lie. It was about a fraudulent business where fake products were being sold to poor gullible people who thought they would make easy money by reselling and speculating on NFTs.
But the thing does not stop there. Soon after, the service NFT Music Stream has overcome that case. Officially, it was an efficient, transparent and committed platform with artists, distributors and record companies to create a fairer business model. Artists would collect money from customer subscriptions in cryptocurrencies who would interact through Streamer.fm. The goal of NFT Music Stream? Eliminate the middleman .
Everything sounds great until the composer Kerry Muzzey discovered that his works They were Climbs to the platform without your permission . Taking to the company’s Twitter account and complaining, Kerry was blocked. He himself, along with several colleagues, drafted a cease and desist letter. They also discovered that the NFT Music Stream White Paper was barely six pages long.
NFT Music Stream steals content from YouTube Music.
After intensive investigation, interest NFT projects they came to the conclusion that NFT Music Stream did not contain music. The songs and illustrations they were providing to their clients actually come from YouTube Music . Namely, NFT Music Stream was paying a monthly membership to Google and streaming the content to its customers. No trace of the payments to the artists that they bragged about so much, nor of the NFTs, which, in this case, the term has only served to capture the odd one clueless on the network.
Still, NFT Music Stream has responded by playing the victim . They believe that the current model makes them lose money, and they continue to try to deceive the public by saying that their goal is to pay artists with 98% of subscriptions. However, this has not softened David C Lowery , composer and activist for the rights of musicians. The Georgian is organizing a class action lawsuit against NFT Music Stream, as their works have also been uploaded to Streamer.fm without their permission.
What conclusions can we draw from all this?
The future of video games, the future of music, crypto wallet may make money the future of graphic artists… NFTs are the future of everything, but every day are used precisely to destroy the work of artists . We have no doubt that there are sensible and well-intentioned NFT projects out there. But unfortunately, those that do come out simply use the acronym ‘NFT’ to organize scams .
Still, in this case, the alleged scam was coming . just watching the land page of the service, which uses only photos of female DJs, reading the roadmap of and the promises, it was already more than enough to suspect that he smelled of singe.
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