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HitPiece, a music NFT platform, prioritizes ownership rights following a difficult test debut

The music non-fungible token (NFT) platform HitPiece, which caused controversy when it first went live in beta back in February, is fully operational. Additionally, the revised version will try to steer clear of the copyright problems that the beta version encountered, according to co-founder Rory Felton.

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The beta debut of HitPiece sparked controversy among musicians who alleged that their works were posted on the platform without their knowledge or consent. HitPiece ultimately made the decision to delete its beta website.

Felton told The Block that the company improved the platform based on community feedback in an effort to make it the go-to location for music NFTs.

highlighting property rights
Felton asserted that there was absolutely no music available on the HitPiece beta platform and that the business would never offer music for sale without the necessary commercial rights. According to him, it was designed to be a private experience that was created on a private blockchain. Nothing was decentralized or marketable through a third party.

However, when artists discovered their work on HitPiece, they asserted that it had been minted as NFTs against their will. The Recording Industry Association of America even demanded HitPiece stop selling NFTs in a letter of demand.

Clearly, we realized we made some mistakes after receiving the criticism in early February. Fletcher stated. “We didn’t put the required safeguards in place to make sure that only creators and owners of the rights to use their intellectual property could mint NFTs containing their creative assets. Therefore, we removed that beta and created a product that, in our opinion, makes sense for both the market and artists.

Five months later, HitPiece is prioritizing ownership rights and advancing the interests of the platform’s artists as it goes public.

Felton claimed that the company’s Wednesday announcement of a partnership with Audible Magic shows that emphasis. We collaborated with [Audible Magic] because we believe it’s crucial that only the song’s owners and rights holders mint NFTs with that music on them.

By 2021, there will be over 100 million songs available on Audible Magic from over 400,000 record labels. To make sure that no copyright laws will be breached by minting an NFT, artists and rights holders must register on HitPiece, validate their identity, and have their uploaded content reviewed against Audible Magic’s database.

Additionally, HitPiece will pay the transaction fees and minting expenses incurred by platform-using artists. However, according to Felton, the platform might never cover the cost of gas and other costs.

Felton, a lifelong music enthusiast, and Jeff Birmingham, a Spotify early investor, co-founded HitPiece in 2020. According to Felton, “it became obvious to me that there were chances for music artists who take advantage of the space to produce new revenue streams and engage with their audience in novel ways.”

According to musician ATL Jacob, who spoke at the platform’s debut, “Web3 has great potential to be a catalyst for increasing artistic integrity, autonomy, and engagement for any musician, regardless of their reach.” ATL Jacob is one of the “dozens” of musicians already utilizing the platform, according to HitPiece, and he currently holds the top spot on Billboard’s Hot 100 Producers chart.

Every musician should eventually sign up for web3, according to Felton. “I think some will move into this area faster than others, but I think it’s here and I think that’s kind of like an ostrich burying its head to ignore it,” the speaker said.

NFT

At a London event, an NFT vending machine will increase accessibility to digital art

The NFT vending machine at this year’s NFT.London event will give its profits to a good cause.

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The first-ever physical nonfungible token (NFT) vending machine will be on display at this year’s NFT.London conference, which is set for November 2-4.

The NFT platform aims to give anyone who wish to start buying and trading digital assets a simple and accessible way to do so without requiring them to have a thorough understanding of the Web3 sector. Users won’t need to have a digital wallet to buy an NFT from the vending machine.

Users must choose one of the shown envelopes before entering the code to acquire an NFT from the myNFT vending machine. After making their purchase, users can scan the QR code on the envelope to access an invitation to create a myNFT account, which includes an NFT wallet where they can store their NFT.

“The most convenient method to buy anything is through a vending machine, so we’re shattering the impression that buying an NFT is difficult with this campaign,” said Hugo Mcdonaugh, CEO of myNFT.

The first collection of contributed NFTs from myNFT, which includes names like Dr. Who Worlds Apart, Thunderbirds, and Delft Blue Night Watch, will be available for purchase by interested participants.

The actual NFT vending machine will be situated outside the Queen Elizabeth II Centre, Westminster, London, which is where the NFT.London conference will take place.

The revenue from the NFT vending machine will go to two charities: Roald Dahl’s Marvellous Children’s Charity, which provides specialized nurses to seriously ill children, and Giveth, a blockchain-based philanthropic community that supports public goods, services, and education in developing countries.

The Solana, California-based NFT marketplace Neon introduced a 24-hour NFT vending machine in the financial sector of New York City in February, according to Cointelegraph. This machine took credit and debit card payments. However, people complained that neither the NFT vending machine nor the NFT performed as promised after a week had passed after its introduction.

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Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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