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Why couldn’t this just be done with a centralised online portal? Seems there would be lots of issues on the artist side of things with NFTs - like what if one
by Closi 4y ago
Why couldn’t this just be done with a centralised online portal?
Seems there would be lots of issues on the artist side of things with NFTs - like what if one of the 10 artists that are part of a song doesn’t want to sign up or get paid in crypto? Do you still get the NFT and handle the 1 person manually and sit half in NFT world and half outside? Or do you need 100% adoption before it is at all useful?
What if the music company wanted to vet who they licenced music to? Or particular songs can only be licenced for particular use cases by particular companies?
I’m not sure NFTs actually solve the complexities here.
- bardworx 4y agoWhy would crypto be involved? You are using the blockchain and smart contracts. The token aspect does not need to be included or can be abstracted away into internal reserve where tokens == $1. Artists paid in $ or w/e fiat currency. The idea is to encapsulate the current contracts into smart contracts to downsize legal overhead. Also, not sure why it HAS to be decentralized. Look at IBMs implementation of HomeDepot’s inventory tracking. There is no decentralization (in a general sense), no tokens. They created a system that was easy to onboard vendors, vendors can process orders, and Home Depot can verify them with a lot less paper work and a trail. Smart Contracts will not look how the space looks now and the ethos of crypto won’t survive most real-world use cases but some technologies will be adapted, if they fit well.