Before the innovation of NFTs it was hard to authenticate online work as original. This made its value hard to determine. NFT’s have a unique code that proves the point of origin, and resolves ownership problems. People are investing into the space, and buying up various types of virtual media.” As creators what are you doing to get a piece of the pie? How does this benefit a songwriter or music publisher if an artist sells a piece of work to which they contributed?
Think of an NFT is a Nipsey Hustle’s official mixtape. Think of a signed physical copy as a collectors album. The purchaser now owns a unique product that is theirs’ forever. Since this is simply one of a kind product, the songwriter behind the song would receive the mechanical rate dictated by the courts. A “a synchronization, or sync” license is needed for a NFT when it involves audiovisual media – or music with video. This is true in terms of lyrics. As fat as lyric rights, so both parties must agree on splits. Mechanical rates are set by the courts.