Some randos scraped the entire Spotify Database and are selling the songs as NFTs, the entire label industry is shooting lawyers over, DMCA Ragnarok inbound.

posted 2 years ago by Decrixxx 2 years ago by Decrixxx +59 / -0

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.

this completely ravaged any possible positive NFT sentiment from musicians.
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.

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– krzyzowiec 2 points 2 years ago +2 / -0

Maybe someone can translate into boomer how verifying ownership of digital property matters outside of a specific walled garden.

It matters as much as ownership of any collectible matters, which is not at all except to the people doing the collecting. Try explaining how people pay money for unique skins/models in games. It's all digital and meaningless but it gives people joy somehow so they do it.

Or how digital goods can in any way be considered to be "unique".

Because the nature of digital content is that it can be infinitely and perfectly copied at effectively zero cost.

Not NFTs. Not Bitcoin either. They are protected and kept unique through cryptography and the blockchain (a distributed ledger). That is the innovation behind Bitcoin that makes it special. Prior to its creation, nobody knew how to prevent the double spend problem, which is basically me sending the same digital value to multiple people precisely because digital goods are easy to copy.

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