NFTs, or non-fungible tokens, have gained massive popularity in recent years, touching industries from fashion to video games. NFTs occupy a unique space under copyright law, but are subject to the basic rules other art forms are. The law protecting digital assets, the Digital Millennium Copyright Act (DMCA), was passed in 1998 before NFTs were prevalent. The DMCA allows any artist to request a work be taken down if it is something they have ownership over and did not authorize its publication. This extends to artists with any ownership stake, whether they are a singer-songwriter with sole ownership over a song, or a whole team of writers and producers. While NFTs have the potential to benefit musicians, the music industry has fallen victim to the copyright issues NFTs present. Music industry professionals should understand the vulnerability of their work and consider monitoring NFT marketplaces to get ahead of being victims of copyright infringement.
Be Bold and Transform: Takeaways from the 2022 Alliance of American Museums Conference
The 2022 Alliance of American Museums’ conference in Boston offered bold and transformative ideas that all arts organizations need to understand as they re-create their operations and strategies for 2022 and beyond. Recognizing that “Normal is not the goal post” is the critical first step. A summary of highlights from my point of view might inspire you, or at least offer excellent conversation starters in your next meetings.
Cryptocurrencies in Indie Film Economics
Streaming technology in the last decade has rebuilt the structure of film revenue models. Motion pictures now earn revenue through a network of internet-based over-the-top (OTT) content distributors, reaching worldwide audiences by partnering with multiple streaming platforms. More recently, the Covid-era decline in theatrical film distribution has led to a purely OTT distribution model, and a complete reliance on internet-based revenue. In the future, advancements in blockchain technology are expected to disrupt and further redesign the film distribution waterfall. Ambitious filmmakers should have a clear understanding of how revenue distribution waterfalls work before they tackle a blockchain-based film production.
NFTs Legal Considerations and Implications
In early 2021, the $69M sale of Everydays – The First 100 days, by Beeple, sprung NFTs from a niche but growing section of the digital art world into the mainstream public consciousness. Google searches for NFTs skyrocketed. Saturday Night Live spoofed the rapid sector growth with a parody of Emenim’s “Without Me” entitled “What the Hell’s an NFT.” A 10 second clip of the sketch was subsequently turned into an NFT which sold for $365,000. As pop culture awoke to and embraced this facet of the digital art world, so too has the urgency for artists, museums, and collectors to understand the rapidly evolving legal considerations within the NFT space.
Fueling the Global Flame: A Look at the Long-Term Sustainability of NFTs
While NFTs took the arts market by storm in the beginning of 2021, with the environmental impact of blockchain technology coming to light, more artists and groups have not only been criticized but have also begun calling out the technology and not participating. Others are calling on more long-term changes, such as renewable resourcing for crypto-mining. How will NFTs fit in long-term in the art world, considering their impact on artists and the environment?
Throwback Thursday: Blockchain
As innovation using blockchain continues in 2020, we are looking back at all the research our contributors have done around blockchain and its applications in the arts sector, including fundraising, contracts, and auctions. Let AMT Lab know if there are more blockchain topics you would like to see covered or if you are using blockchain or cryptocurrency in novel ways in your organization.
Decentralized Patronage: Incentivizing Ethical and Effective Philanthropy of Crypto-Assets
Cryptocurrencies conjure up a variety of images. To some, they are shadowy currencies, born of vice and crawling out of the corners of the dark web to sew anarchy into the traditional financial system. To others, they are harbingers of a new wave of financial tools better suited to the digital age. This report analyzes the pathways, promises, and potential problems of crypto-assets within fundraising.
Old Wine In a New Bottle: The Integration of the Blockchain and Auctions
Nonprofits are experimenting with mining cryptocurrency, but what does that even look like?
Three Questions to Ask Before Moving to a Blockchain Powered System - Blockchain Explained: Part 3 of 3.
There are many important questions an organization must ask itself before implementing a blockchain system. Three questions are especially salient for nonprofits.