Some four randos made an NFT platform that scraped up every song on Spotify (including music from big wigs like Disney, Nintendo, Marvel, and John Lennon) and turned it into an NFT without the original artists' permission, promising that buying the NFT will magically give a piece of the profits to the original creators
within 48hrs of news about this coming to light, entire PROs and distributors have gone bugfuck insane, have used their connections to stop the website being hosted on AWS, and are sending their lawyers in by parachute to sue the absolute living shit out of the people who tried to pull this scam off.
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this completely ravaged any possible positive NFT sentiment from musicians.
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the guys running that platform (who put their identities on the open on LinkedIn) responded with absolute out-of-touch posts on Twitter, acting like all of this is perfectly normal, they are getting carpet ratios.
https://mashable.com/article/hitpiece-nft-music
https://web.archive.org/web/20220202041329/https://mashable.com/article/hitpiece-nft-music
PS: you can repost this on KiA1 on Reddit I can read there but I won't post on Reddit.
Beautiful trolling.
They might get away with it if their legal disclaimers are bulletproof, although the RIAA has some damned powerful bullets. If they said that the original authors will profit from you buying the NFT, then no.
I don't see what they can be sued for. The NFT's aren't going to be the actual songs, they're just going to be spotify links.
They are effectively selling pieces of paper with spotify links written on them.
Where's the crime? Other than defrauding morons who think they're buying music, but most of them don't think they're buying anything other than a speculative asset. And they're right.