Close
Search
Menu Menu
[gtranslate]

Why are people outraged at this music NFT startup?

Credit: Thred
By
London, UK
3 energy + Add Energy
What is energy?
Want to show your appreciation? Give an article “Energy” and it will help us know what you like.
0 comments
0 comments

A new music-based NFT company called ‘HitPiece’ has emerged online, but it has been accused of widespread theft from both mainstream and indie artists. The situation highlights the unregulated, problematic rise of NFTs.

Anyone who follows creatives on Twitter – musicians, graphic designers, and producers – has likely seen the controversy surrounding HitPiece this week.

Popping up seemingly out of nowhere, HitPiece describes itself as a ‘community’ that offers ‘one of one NFTs of all your favourite songs’. On its official website, it says that members can ‘build a Hitlist of their favourite songs, get on leaderboards, and receive in real life value such as access and experiences with artists’.

Essentially, the service mints songs and artwork – presumably directly from streaming platforms – and then auctions them off to buyers. The main problem is that the company is doing so without permission, stealing artwork from creators and generating income without their knowledge.

At the time of writing, HitPiece’s website no longer seems active – simply showing a message that reads ‘we started the conversation and we’re listening’. Whatever that means currently remains unclear. It also released a statement that wasn’t an apology per say, but rather a defence that promised some kind of ‘evolution’ of its product.

https://twitter.com/joinhitpiece/status/1488715576973283330?s=20&t=XkxOFogIUPU8_LU-EP5ifA

HitPiece’s sudden controversy demonstrates how problematic this new industry is without proper regulations and standards. Theft has been an issue with NFTs almost from the beginning, as creators lose out financially without even knowing and corporations struggle to keep up with fraudulent activity.


Why are people kicking off?

There was already large disdain for NFTs even before this whole theft fiasco. Most of us collectively groan whenever another rapper or artist changes their Twitter picture to a ‘Bored Ape’ NFT.

Not to mention they’re environmentally irresponsible. To put it simply, the amount of energy and electricity required to process NFTs, verify them, and add them to the blockchain is extremely high. They contribute massively to our emissions – which isn’t ideal when we’re supposed to be aiming for net zero.

They also further worsen the wealth gap between celebrities and common traders. The most in-demand NFTs, the ones that you see plastered all over Twitter, are too expensive for most of us to invest in.

Nearly nobody can afford to dump hundreds of thousands into minted pictures of monkeys, unless you’re Jake Paul or Eminem. There are more sellers than buyers currently and prices can fluctuate suddenly and violently. It’s a risky business that only those with tons of disposable income can afford to take part in.

This HitPiece situation fuels these fires even more so, and cements the idea that NFTs are bad news for creators and artists, regardless of their original intention. Instead of a musician owning and distributing NFTs of their own work, money is instead going to scammers and fraudsters – at least for now.


How does this demonstrate that NFTs can be problematic?

Theft is rife within the NFT marketplace, even outside of HitPiece. Lil Yachty has just filed a lawsuit against NFT seller Opulous, accusing the company of deliberately using his likeness to generate over $6 million USD in sales.

VICE reported on stealing within the market all the way back in March and the problem has continued to grow since. You can even use services designed specifically to tokenise other people’s content. This one, for example, encourages users to mint tweets or memes they like ‘before it’s too late’.

The main issue with NFTs currently is that there’s little regulation or government intervention. There are no caps, no limits, or any concrete rules that keep things from spiralling out of control. Despite being a fairly young market, NFTs are absolutely booming. In 2021 the market surpassed $40 billion USD in value.

HitPiece demonstrates how easy it is to steal and bank off other people’s work. It’ll take more than just a wait for the bubble burst to sort things out properly and prevent widespread theft. Just don’t expect any state intervention for a long while yet.

Editor In Chief London, UK

I’m Charlie (He/Him), the Editor In Chief at Thred. I studied English at the University of Birmingham and as a music and gaming enthusiast, I’m a nerd for pop culture. You can find me curating playlists, designing article headline images, and sipping cider on a Thursday. Follow me on Twitter, LinkedIn and drop me some ideas/feedback via email.

Popular

Keep up with thred by signing up to our planet-positive newsletter!

More from thred.

Starlink access approved for areas hit by Hurricane Helene
Credit: Public Domain Media
Technology

Starlink access approved for areas hit by Hurricane Helene

Elon Musk’s gaggle of internet satellites is currently providing connectivity to areas affected by Hurricane Helene. This is what the tech tycoon had always envisioned for Starlink. You can argue whether Elon Musk’s Starlink project is borne of altruism or primarily of self-gain, but there’s no denying the project’s original MO is now being achieved. Hurricane Helene finally subsided after six long days, but the category 4 weather event has left...

By London, UK
The life-threatening ‘Chroming’ challenge spreading on TikTok
Credit: Thred
Social

The life-threatening ‘Chroming’ challenge spreading on TikTok

The challenge involving inhaling toxic fumes has gained popularity among the younger generations, raising serious health concerns among health professionals and parents. Adolescents' use of social media has left older generations, including the oldest members of Generation Z, baffled. Although every generation has encountered unsettling trends, the rise of social media has intensified these issues, creating an even bigger trap for Generation Alpha and the younger members of Gen Z. From...

By Kuala Lumpur, Indonesia
Sweden says children under 2 should have zero screen time
Credit: Thred
Social

Sweden says children under 2 should have zero screen time

Swedish health authorities have issued new recommendations to restrict screen time for young people.  Sweden has made a firm statement in the ongoing debate over children and screens: for kids under two, there should be no screen time. At all. Health authorities have issued new recommendations for parents regarding screen time for young people. For ages two to five, it’s limited to an hour a day, and for children six to...

By Brighton, UK
Exclusive – how Epowar is keeping British women safe
Credit: Epowar
Technology

Exclusive – how Epowar is keeping British women safe

It’s common knowledge that misogynistic violence is an ever-worsening issue across the UK and that local authorities aren’t doing nearly enough to protect us from it. We spoke to Erin-Jane Roodt, who’s designed an innovative new app that enables us to feel less vulnerable, live our lives without fear, and, in worst-case scenarios, bring our attackers to justice. For women, it’s a no brainer: a strange man is undeniably...

By London, UK
Accessibility