Record Label 2021

Fact: most artists are never going to understand the blockchain at a level where they run their own node and submit new entries to the chain on their own server.

So, this means they will use a service to access the blockchain like [Coinbase] or many others but someone will create their NFT for them.

And each artist has a very real need to get their art in digital form and on the chain ASAP to both 1) establish that they are the original creator and 2) get some % of the sale of this NFT used to mark this date and time.

So what is a fair percent to offer artists for this service? The [WGA] for years has charged artists for the service of marking the date and time a screenplay was first registered with them. Anyone with some basic blockchain skills can do this for artists now. But is $25 and 0% of future sales fair?

The WGA example from years ago doesn’t have this other part to it. The WGA wasn’t getting rich selling the date and time marking of any scripts that turned out to be hits. They charged $25 for each one and didn’t resell these historic one time events. Has anyone looked? Quick find the WGA log book and put a digital photo of where the classic script for Raiders of the Lost Ark was first registered with the WGA. THERE WILL NEVER BE ANOTHER ONE OF THOSE EVER!

I mean that’s the same reason NFTs are working today. Its just a lot easier to sell the record of the thing that legally marked who first brought it into the world.

So I don’t think the standard has been set yet on what a reasonable percent is. I say we let John Rzeznik pick! But it does seem that every blockchain service like coinbase will start offering NFT services to artists for some fee + percent. And many artists in their rush to get their stuff registered and “in-the-system” will not care about their percent. So yeah maybe the NFT world does need to agree ahead of time on some minimum ethical percent? Before this Record Label 2021 thing starts all over again?