Soulja Boy Dropped April’s Biggest Music NFT — And Then It Got Pulled
As NFTs gain popularity, some artists are making the most of these non-fungible tokens, while others are facing challenges. The case in point is the NFT released by the rapper Soulja Boy, which was delisted due to copyright infringement.
After Soulja Boy was charged in March for promoting cryptocurrencies without disclosure by the SEC, the rapper dropped a series of NFTs, with one collection removed by OpenSea for copyright infringement.
The collection Soulja Boy launched promised to unlock exclusive extras in his upcoming video game. The NFTs sold out within hours, but the collection was later taken down by leading NFT platform OpenSea because the artwork featured the Ferrari logo, a copyright infringement. The NFTs still exist on the Ethereum blockchain but cannot be traded or sold by holders.
This is a reflection of the risks that artists who aren’t necessarily familiar with the laws and copyright regulations face when they release any digital content, including NFTs.
While some artists are struggling, others are thriving. For example, Snoop Dogg’s XYZ NFT track, “Golden Egg”, sold for 20 ETH—or $36,836—the highest price paid for a single music NFT on the Web3 music platform Sound.xyz. The “golden egg” is a unique collectible valued highly by music collectors.
In any case, the NFT market has had some fluctuations, and in April, it experienced its lowest sales volume in 20 months. In dollar terms, it was $509,714, compared to last March, which amassed $697,393. However, despite the dip, many independent artists stood shoulder-to-shoulder with Snoop Dogg, raking in significant sales.
Web3 is slowly finding sustainable models to use NFTs and blockchain technology, such as through shared streaming royalties and Web3 fan clubs offering exclusive content. Deafbeef, for example, generated $61,314 monthly trading volume through generative music collections.
However, the NFT community is still facing challenges, as exemplified by Soulja Boy’s NFT debacle. The rapper is not only facing fumbled NFT projects but also controversy over his promotion of cryptocurrency and NFTs in the past, many of which turned out to be scams.
As Web3 continues to evolve, it remains crucial for creators and artists to understand the legal and copyright issues behind releasing digital content like NFTs and the risks that come with them.
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According to https://www.billboard.com/pro/biggest-music-nfts-april-soulja-boy-snoop-dogg-deafbeef/
The material in this article is written on the basis of another article.