…
When non-fungible tokens or NFTs started to dominate the digital space, it was in the form of 2D cartoon-style digital art. In the beginning, they were advertised as art collections, but people soon found NFTs could serve other functions in different media. For example, in Japan, startup company ABCRECORDS, short for Authorized Bootleg Community Records, discovered how NFTs could benefit the music industry.
ABCRECORDS is setting up a digital marketplace where people can purchase digital music sources directly from the original creators in the form of NFTs. However, owners of the NFTs will not have the copyright to the music. Instead, they will gain the commercial rights to the music, allowing them to use it in social media projects like background music in videos.
Commercial rights to the music on the platform can also be obtained through the ABCRECORDS website by clicking on the application form, which will then be submitted directly to the copyright owner. Of course, the owners are free to resell the NFT, but the action would lead to losing the rights. Additionally, in the event of the NFT’s value going up, the original creator is ensured to get a cut of the resale price thanks to everything going on in the blockchain.
The incredible service was created by the Japanese entertainment agency AllEntertainment and Hiroshi Fujiwara. Fujiwara is a designer and music producer whose career began in the ‘80s as a DJ. He has become familiar with the frustrations of sampling music with the existing copyright system through the years.
For example, the process of tracking down the proper channels to seek permission to use a sample is already heavy work. But Fujiwara would have to go back and request permission each time the same music was used in different projects.
ABCRECORDS format streamlines the process into a single application for commercial use. Furthermore, with the NFT usage limited to the owner, the music creator will no longer endure the time-consuming process of going through requests to use their works. Already showing plenty of potential, ABCRECORDS is working to gather a large enough community of users so the project will thrive. Additionally, they already have more features lined up as the project continues operations.
