When something with intrinsic value is produced, there will always be somebody who wants it. Theft has plagued history and various industries, and unfortunately (obviously) it also found its way to the NFT scene. NFT artists would often browse their favorite NFT marketplace, only to be surprised to find hundreds of copies of their art put up for sale unbeknownst to them. Commonly an anonymous user will mint an NFT counterfeit that is a screenshot or recording of the real thing.
An NFT connoisseur may not fall for such tactics like a newer NFT investor could, but nonetheless producing counterfeits is as easy as a right-click and save, and always permits a prolific issue to the thief with no possibility of money-back. On another note, forcibly stealing NFTs is nearly impossible without a user being hacked, phished, accessing a malicious contract or giving away their password, and more generally theft is much more difficult on a blockchain. Blockchain provides a tool that could benefit any artist transitioning into ownership – if inauthenticity and NFT theft is solved.
History of music theft
While the immutability of the blockchain offers a certain level of control and protection of assets – real life does not. Music theft is exceedingly common anywhere from producers to music labels, to illegal resellers and counterfeit goods. One of the oldest form of theft for example is stealing CDs by taking data from discs to resell them, or illegally share them on P2P platforms like Limewire or eMule. However, music as a physical medium has dwindled recently as digital media has taken over, but theft is still present and even easier through computer recording or even something as simple as mp3 downloaders. Even streaming, the most commonly used listening medium, was not left aside from this human nature as unverified artists can post songs of other artists very easily. Another theft example we can cite is where a composer found his track on a Spotify profile that wasn’t his, and where the thief could stay anonymous through a certain distributor while benefiting from the tracks payouts.
Less common forms of theft also plague the industry as music labels and producers take advantage of their ownership. Kesha wasn’t allowed to leave her contract when she claimed sexual abuse (link). Johnny Cash was removed from his contract when he wasn’t gaining desired revenue (link). An unprecedented legal battle happened to John Foggerty when his record label sued him for plagiarizing his songs (link). Record labels control revenue, as Dr Dre discovered when he got denied a large amount of his digital song revenue (link). The examples of centralized companies stealing and controlling artist revenue are numerous… The artists do not control their music distribution and payouts, digital and physical tracks are still prone to theft to this day, and recovering rights and money from wrongdoing is a very arduous task at hand, necessitating a lot of resources and time.
Meteora – music is yours
Meteora is an innovative Music NFT platform that is created to solve the music industry’s failures. It also provides countless tools to aspiring and professional artists for music production and exploitation, as well as a legal and technical structure for producing NFTs and distributing them. Artists can upload their music to Meteora, and the system takes in charge everything that is needed for distribution: copyright generation, audio treatment… Then all of the data is encapsulated into an NFT that is then sent back to the owner’s wallet. After creating a musical NFT a creator can use it to make sellable NFT copies, make the music available for streaming, or even sell the master as is on the Marketplace. Meteora also features a dual streaming platform that can be accessed through global subscription in the likes of Spotify and Deezer, or via artist subscription that allows listeners to support and pay the artist directly. No centralized company dictating prices, stealing funds, or owning the assets. Meteora offers an open and expansive ecosystem for artists to control their livelihood.
In METEORA, in order to be able to upload music independently, artists and music owners need to be identified in order to ensure music ownership in the first place. For this, a KYC verification system is put into place. Once identified, artists and music owners also need to sign an agreement to legally state that they are the true creators/owners of the pieces they will upload in the system. Only then, the upload and minting authorization will be granted to them.
Artists are in the center stage at all times, they dictate the prices, how they distribute their music, and are granted all the tools to manage their creation without third parties.
In order to participate in this journey and get your Meteora MRA Tokens, the system’s native currency, at the best price possible, we present you the Meteora ICO (Initial Coin Offering), a public MRA sale that will be managed by Lunaris Inc. on METEORA’s website. The ICO will be conducted in three rounds, increasing each time the price of the token. Each round lasts one month. The start date of the ICO is May 5th.
These benefits will ensure that Meteora is the perfect place to distribute, trade and create content. By solving issues in the traditional music industry (inauthenticity, label control and theft), Meteora constructs an innovative platform, primed to be the center stage for everything music. With secure verification, a marketplace, a streaming service, creation tools, and pricing options – Meteora is the revolution that the music industry sorely requires.
Links
Website: https://meteora.cloud/
Twitter: https://twitter.com/MeteoraApp
Telegram: https://t.me/MeteoraApp
Linkedin: https://www.linkedin.com/meteora-app/
Medium: https://medium.com/@MeteoraApp
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
Source: https://cryptodaily.co.uk/2022/04/why-preventing-nft-theft-is-key