ICYMI: Music NFT marketplace HitPiece slammed for selling music assets without artist permission
However, they didn’t ask music artists before selling their works as NFTs.HitPiece had a simple business model: sell non-fungible tokens of music.This caused a huge outcry of artists and music fans alike. While the music NFT platform appears to have started out with the intention to help artists perpetually earn revenue from their sales, it has now been denigrated so hard that it pulled its marketplace off its site.
“The idea is that you show off to your friends or people around the world that you own the greatest HitList you can create of all your favorite songs,” Felton explained on the podcast. “The artist gets royalties from not only the initial auction but also every time it’s traded, so it becomes a perpetual revenue stream for artists and rights holders.”
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