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In the digital environment, NFTs (Non-Fungible Tokens) with royalties address a significant problem for content creators. For too long, copyright authorities have relied on outdated methods to validate the rights of traditional musical content creators.
Understanding music copyright law is essential for creators. Here are six fundamental principles:
- Originality: Copyrighted work must be original.
- Legal Violation: A violation of copyright law must be established in court.
- Master Recording Rights: Master recording copyrights are typically administered (and often owned) by record labels.
- Compositional Rights: Compositional copyrights are managed by publishers.
- Duration: Copyrights last for 70 years past the owner's lifetime.
There are three primary requirements for copyright protection:
- The work must be a creation of authorship.
- It must be original.
- It must be fixed in a tangible medium of expression.
Unpublished works are those that have not been distributed in any manner. Prior to 1978, copyright protection was generally available only for published works; however, protection is now available for both published and unpublished works.
The most crucial concept in music copyright law is that each piece of recorded music involves two distinct rights:
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Musical Work: This right protects the underlying musical composition, including the arrangement and combination of musical notes, chords, rhythm, harmonies, and lyrics. This is often referred to as a "musical work" or "musical composition."
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Sound Recording: This right protects the actual recording of a musical composition, known as the "sound recording." This interest is also referred to as the "master" or "recording."
While an unsigned songwriter who performs and records their original songs owns both the musical work and sound recording copyrights, it is common for these rights to be owned by different individuals or entities. Generally, music publishers control the musical work copyright, while record companies manage the sound recording copyright.
A music copyright, whether as a musical work or a sound recording, is created immediately upon the satisfaction of the following elements:
- It must be an original work of authorship.
- It must be fixed in a tangible medium of expression, such as written sheet music, a MIDI file, or a digital (or analog) recording.
For instance, as soon as an original song is written down as sheet music or recorded as a MIDI or sound file, a copyright is established. It is not necessary to publish the song or register a copyright with the U.S. Copyright Office. However, registration is required to obtain certain benefits under the Copyright Act.
Now, let’s consider how a unique NFT that embodies the original composition of words and music can resolve copyright law issues related to proof of ownership, proof of work, and proof of stake—all within a single file using a smart contract.
With this approach, content creators (producers, authors, writers, etc.) can engage their audience in real-time, build a broader fan base, access crowdfunding, and maintain control over a royalty stream through their specific API.
All work posted must be original compositions, as federal law stipulates. For more information on copyright law, please refer to the U.S. Copyright Office.
VersoriumX is owned by Travis Jerome Goff, a BMI award-winning singer/songwriter from Nashville, TN. Versorium is planning to launch a new project that will cater to the unique needs of creators while providing a solution for audience engagement using blockchain technology.