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I’m now the owner of one of the first Music Copyright NFTs (terms and conditions apply). It was a very painless process!
I say painless, but what I mean to say is I had to buy $100 of non-POW crypto to convert to USDC on Coinbase. Then it turned out I couldn& #39;t buy the NFT direct from Coinbase and needed Metamask so had to set that up and move the USDC to Metamask. Simple!
I say simple, but what I mean to say is turns out I needed ETH as well to pay the gas to even spend the USDC so it was back to Coinbase to buy the shitty POW currency I was trying to avoid in the first place and then send that over to Metamask too.
But after getting the ETH back to Metamask, having spent about £125 in total on fees and crypto and at least an hour working all this out, I finally have the $100 Music Copyright NFT!
I say have, but what I mean to say is it took 4 days to finally be sent a pdf telling me how to go and get the NFT and add it to my wallet myself - and there was me thinking blockchain transactions were frictionless. But now I’m ready to trade it and make a killing!
I say trade, but what I mean to say is that the NFT is currently only on the Rinkeby test network and can’t actually be traded at all until some sort of platform is created at some point. But I can collect royalties, as I now own 1% of the recording copyright!
I say own, but what I mean to say is I have no proof I own any share of the copyright because I’ve been given no documentation at all. There is neither a smart contract, or boringly un-smart contract. I’m sure this will become clearer when the track is released!
I say released, but what I mean to say is there is no release commitment from the artist, so they could just take the money raised from this and buy a new kitchen. I’m sure that wouldn’t happen and I’ll be earning soon!
I say earning, but what I mean to say is that there have been no facts given about what I earn the “royalties” from. Am I being paid at source or after distribution fees. Is it 1% of artist share after management commission etc? Who is actually administering it?
Is it from stream one or are there any advances to recoup? Do I get sync approval? Can one of the NFT holders threaten a DMCA takedown to force other NFT holders to buy them out at a premium?
But overall, it’s been a really great consumer experience and I received a video message from the artist which has certainly made up for the fact it has cost £125 to buy $100 worth of nothing. It’s the future guys!
