#MusicNFT News: Big challenges and rampant fraud • dopr explores drop analytics • stoi.org • Symphonic is hiring • more
The team at dopr did a thorough forecast and ROI of the Royal + Verite NFT drop that happened last week. It’s worth reading for anyone trying to make sense out of this rapidly changing space.
And this is just the start for the dopr team who tell Hypebot that they have no plans for direct listings or handling transactions. Instead they are building resources to discover and value the best music NFTs and platforms. On the roadmap are a comprehensive NFT platform directory, a new drop feed, predictive analytics, and more
• Symphonic Distribution is hiring an NFT/Web 3 lead.
• Last week’s Unity Records Back to the Roots pack drop is now sold out.
• Distributed content ownership platform stoi.org will debut STOI #2 with singer-songwriter and multidisciplinary artist Jesse Boykins III. Boykins’ STOI Honestly, I’m a Treat, is a piece about “self worth, knowing who you are, and being able to stand up for what you represent.”
Initial STOI releases are curated by the DAO, stoi.org, but it was also built to be a self-service utility for creators to distribute ownership and revenue. stoi.org operates like a “Stripe for DAOs,” says founding DAO member Aubrey Anderson. “It allows any kind of recurring payments to be fractionalized and shared with creators, collaborators and fans alike.”
The biggest challenges facing the Music NFT sector
“The biggest challenge just comes to most people’s aversion to change. Artists need to embrace this radically different way to engage with fans,” RCRDSHP founder Obie Fernandez tells MBW. “DJ/Producers of course have a head start since they’ve been experimenting heavily with this model during pandemic using platforms such as Twitch, but that was free for fans. The question is whether the average fan will want to get more heavily involved on their end if it means they’re spending more money than what they’re used to lately (with Spotify and YouTube being practically free.)”
RCRDSHP ties its NFTs to digital and IRL experiences.
Rampant NFT fraud
• The music industry is going after pirated NFTs and Web3 fraud in the wake of the HitPiece mess.
“With increased concerns within the music community over a whole new form of music piracy happening via NFT services and inside the metaverse, the Italian music industry’s Digital Content Protection agency used the recent Sanremo Music Festival to announce that it now has a unit focused on monitoring and acting upon unlicensed music activities happening on all these new fangled platforms.” via CMU
• First ever NFT tax seizure – The U.K.’s tax serviced seized three nonfungible tokens worth $1.9 million in the first ever domestic enforcement action of this kind.
“Three people have been arrested on suspicion of attempting to defraud the authority, allegedly using a web of 250 fake companies, Her Majesty’s Revenue and Customs said by email. Authorities also seized other crypto assets worth about 5,000 pounds, while the NFTs have yet to be valued.”
• Cent cites rampant fraud – American NFT marketplace Cent (best-known for hosting the auction of an NFT of Twitter founder Jack Dorsey’s first tweet) has stopped most transactions. CEO Cameron Hejazi told Reuters that users trying to sell counterfeit digital assets were “rampant”.
