After a rocky beta launch, music NFT platform HitPiece is prioritizing ownership rights  

HitPiece, the music non-fungible token (NFT) platform maybe greatest recognized for the controversy it generated when it launched in beta again in February, is now formally dwell. And in keeping with co-founder Rory Felton, the up to date model will purpose to keep away from the identical copyright points that the beta model confronted.

HitPiece’s beta launch brought about a stir amongst musical recording artists who claimed that their work appeared on the platform with out their data or permission. HitPiece finally determined to take down its beta net web page.

Felton advised The Block that it realized from the neighborhood suggestions and made enhancements to the platform, which the agency desires to change into the go-to place for music NFTs.

Emphasizing possession rights

In keeping with Felton, there was no music on the HitPiece beta platform in any respect, and that the startup would by no means promote music with out the correct industrial rights. It was meant to be a non-public expertise constructed on a non-public blockchain, he stated. Nothing was decentralized or might be offered on a third-party market.

Nonetheless, artists noticed their work on HitPiece and claimed it had been minted as NFTs with out their permission. The Recording Trade Affiliation of America even despatched a requirement letter insisting HitPiece stop and desists its NFT gross sales. 

“Clearly, based mostly on the suggestions that we obtained in early February, we realized we made some errors.” Felton stated. “We did not put the correct guardrails in place across the product to make sure that solely artists and rights homeowners may mint create entities containing their artistic property. So we took that beta down and rebuilt a product that we predict is smart for {the marketplace} and for artists.”

5 months later, because it launches to most of the people, HitPiece is prioritizing possession rights and benefiting the artists who use the platform.

Felton stated the partnership with Audible Magic, which the agency introduced on Wednesday, displays that emphasis. “We partnered with [Audible Magic] as a result of we predict it is essential that solely homeowners and rights holders mint NFT containing that music.” 

Audible Magic comprises over 100 million songs from over 400,000 document labels, as of 2021. Artists and rights holders might want to register on HitPiece, confirm their identification after which have their uploaded content material checked in opposition to Audible Magic’s database to make sure that no copyright guidelines might be damaged by minting an NFT.

HitPiece may also cowl the transaction charges and minting prices for artists who use the platform. The platform would possibly night time cowl fuel and mint charges ceaselessly, nonetheless, in keeping with Felton.

Felton, a longtime music lover, co-founded HitPiece in 2020 with Jeff Birmingham, an early investor in Spotify. “It grew to become clear to me that there have been alternatives for music artists who benefit from the house to generate new income streams and join with their followers in new methods within the metaverse,” stated Felton.

“In music, Web3 has vital potential to be a catalyst for growing creative integrity, management and engagement for any musician, regardless of their attain,” musician ATL Jacob in an announcement related to the platform’s launch. ATL Jacob, who has reached first place on Billboard’s Sizzling 100 Producers chart, is likely one of the “dozens” of artists already utilizing the platform, in keeping with HitPiece.

“My dream is that each music artist onboards into web3 sooner or later,” Felton stated. “I believe some might be sooner and a few might be slower into this house, however I believe it is right here and I believe that sort of like an ostrich placing their head within the sand to disregard it.”