#MusicNFT News: OneOf signs WMG • Li’l Yachty sues Ditto’s Opulous • Yellowheart promotes ticketing • OpenSea admits 80% scam rate • more
Warner Music Group (WMG) and Green and consumer friendly music Web3 startup OneOf have partnered to create exclusive NFTs for artists across WMG’s massive catalog.
While the deal makes it a preferred OneOf partner, WMG also recently announced NFT deals with Blockparty and The Sandbox.
Quincy Jones backed OneOf has launched NFT collections with Whitney Houston, Doja Cat, Alesso, The Game, Chief Keef, Pia Mia and others.
“Web3 is a massive leap forward in technology: it will expand the scale and scope of both human and machine interactions far beyond what we can imagine today,” said Oana Ruxandra, Chief Digital Officer & EVP, Business Development, Warner Music Group.
“From collectibles to music royalties, NFTs and Web3 represent the pulse of consumer demand and an exciting future for the music industry,” says Lin Dai, OneOf CEO. “We are thrilled to partner and innovate together with Warner Music Group and use our cutting edge Web3 technology to bring their iconic labels and world-renowned artists to the next 100 million fans on blockchain.”
• Indie distributor Ditto Music’s Opulous Web3 startup is being sued by Lil Yachty, who claims that the company advertised an NFT collection that included his music without permission.
“Defendants knew that they did not have authorization to utilize plaintiff’s name, trademark or image… yet did so anyways because [it] was beneficial to Defendants’ commercial enterprise, in blatant and conscious disregard for plaintiff’s exclusive legal rights,” according to the lawsuit.
• NFTs bring live event tickets ‘to life,’ YellowHeart CEO Josh Katz told Yahoo! Finance.
“So what this does is it really empowers artists with transparency around sales, eliminates the need for middlemen— because if you think about most artists, they really get to their fan base through social media,” Katz said. “Once fans learn about music or tickets or something else, they now need to go to a third party to make the purchase. What [an NFT] does is it allows the artist and the fan to have a direct symbiotic relationship without middlemen.”
• OpenSea, perhaps the largest NFT marketplaces and used by many musicians is fighting a plethora of bad actors after launching a ‘free minting’ tool that enables the creation and sale of NFTs without thee usual ‘gas’ fees.
“We originally built our shared storefront contract to make it easy for creators to onboard into the space,” according to a statement on the OpenSea Twitter account . “However, we’ve recently seen misuse of this feature increase exponentially. Over 80% of the items created with this tool were plagiarized works, fake collections, and spam.”
• Rising country artist Tyler Rich has launched a fan-focused collection of NFTs including 3D Cards with 30-second audio clips of his new track “A Little Bit of You.”
Rich partnered with NFT platform Sweet.io and is the first Big Machine Label Group artist to create an NFT.
