After the rappers Kay One and Stard Ova already praised Bitcoin and Co. with “Wallet”, they are now planning an NFT version of the song. The artists exclusively explained to BTC-ECHO how this project should be implemented.
Everyone is talking about non-fungible tokens (NFT). The music and art industries in particular are showing interest in the unique tokens. For example, BTC-ECHO only recently spoke to the cult band Scooter, who were selling fan articles as NFT in advance for their twentieth studio album. But the NFT euphoria is also spreading in other music genres, for example in German rap.
After the rappers Kay One and Stard Ova in their most recently released song “Wallet” had started a song of praise for Bitcoin and Co., the musicians put their words into action and work together ROBA Music, PMR Music and lisensed.rocks on an NFT version of the song, which should be released tomorrow, May 4th. Kay One, Stard Ova and ROBA managing director Christian Baierle explained to BTC-ECHO how this idea came about and which legal framework conditions must be observed.
“Elon Musk made us aware of NFT”
The two artists only recently discovered the crypto space for themselves. Kay One and Stard Ova quickly realized that the area around crypto currencies has enormous potential. From this the decision arose to put the theme in the limelight with the song “Wallet”. However, the impetus for the new edition of the piece of music was given by an electric car-building luminary from Krypto-Space:
We became aware of this through Elon Musk when he was one song published via NFT as NFT. Since we are invested in cryptos anyway and find the topic very exciting, we thought that we would now also release our song “Wallet” as NFT.
Stard Ova and Kay One opposite BTC-ECHO
In addition to the song and the music video, the NFT also contains the instrumental, which is nowhere else to be found. In addition, Kay One and Stard Ova consider an album in NFT format to be possible. The two rappers BTC-ECHO also revealed in which crypto currencies they have already invested. Bitcoin and Ethereum can be found on Kay One’s wallet, while Stard Ova has diversified its crypto portfolio a little more broadly with Bitcoin, Ethereum, Cardano and Safemoon. In order to implement their current NFT project in the best possible way, the two artists have teamed up with the Hamburg label ROBA Music and the Berlin crypto company lisensed.rocks.
ROBA Music wants to take “groundbreaking steps” in the NFT area
ROBA ensures compliance with the entire chain of rights according to the industry standard. ROBA managing director Christian Baierle explains who is involved in the process and what legal aspects must be observed
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This applies above all to the various parties involved … this includes authors, publishers, artists and labels. These must be involved in accordance with their percentage shares in copyright or publishing law, as well as ancillary copyright law. In addition, all parties involved must agree to a distribution via an NFT.
Christian Baierle opposite BTC-ECHO
First of all, the decisive factor is which rights can be transferred with the NFT. Under German law, for example, copyright is not transferable, but the associated rights of use are. For example, if an artist dies, the rights of use expire 70 years after death and the work becomes public domain. Would the NFT lose its value if the deadline passed? No, says Baierle. The value of an NFT results, for example, from the fact that the token is a kind of collector’s item. The same applies to image and photo artists.
The managing director of the Hamburg label sees the current legal situation in copyright law as being worked out in a dedicated manner, but he is surprised that the music NFTs published so far have not taken into account the involvement of the individual rights holders. With 50 years of expertise in the music business, they have the necessary know-how to take pioneering steps in this area.
“Make licensing easier again”
Baierle also explains that with lisensed.rocks they have found the ideal partner to provide the technical framework for the intended project. The mission of the Berlin crypto start-up is to make licensing in the music industry easier again. This process is currently very complex, says founder Daud Zulfacar to BTC-ECHO:
We believe that you need in-depth industry knowledge in order to build a better licensing system for everyone involved, which is why we are so delighted to have found our dream partner in Roba. The first launch with PMR Music and such a suitable song title by Kay One and Stard Ova via Roba shows the potential.
Daud Zulfacar
The music and art industry has got into trouble due to the corona pandemic. Numerous pillars of income that previously made up a large part of income, such as tours or performances, have broken down. In addition, more and more artists perceive the remuneration systems of the major streaming providers such as Spotify or Apple Music as unfair. In this context, NFT could take on the role of saviors, so the hope of many artists. According to Baierle, the possibilities are great. In his opinion, it would be a success if music artists could open up an additional way to make a living from their art.