Openlake is a pioneer in exploring the combination of NFT and copyrights,and is committed to the continuously refine of this revolutionary technology.Openlake may make revisions on the music NFT copyrights in cases including but not limited to new law enforcement or revisions. Openlake provides 4 selling methods for music NFTs: Single NFT Listing, Cover Right NFT Listing, Commercial Use Right NFT Listing, and Copyright NFT Listing. Music creators can list Cover Right, Commercial Use Right, and Copyright while listing the single. Each independent right is minted as a NFT token on blockchain after traded. Copyright is minted as one single NFT token, but containing all rights subjected to the Music NFT work.
Single NFT Listing:
Creators can sell their origin singles or cover singles with proper cover right. Single NFT can be listed in batch quantity. After purchase of a Single NFT, users can play the full song on Openlake.
Commercial Use Right NFT Listing:
With Openlake trickledown NFT copyright management mechanism, Copyright NFT holder can now list Commercial Use Right NFT on our platform. After purchase of Commercial Use Right NFT, the music work can be used in commercial occasions with terms and conditions specified in the license or agreement.With Commercial Use License, users can use the song for commercial activities such as broadcasting in public.
Cover Right NFT Listing:
Only origin song Copyright NFT holder can list Cover Right. Cover Right can be listed in batch quantity. After purchase of Cover Right, the song can be reproduced and listed in the marketplace. With Cover License, users can create and resell cover copies of the original song. Only 1 cover song can be produced with each Cover Right. Cover Right becomes invalid after the cover song is listed. If an artist wants to create another cover for the same song, he/she will need to purchase the Cover Right again.
Origin song creators and cover artists can set up their own royalty ratio. When a cover song is sold, not only the cover artist receives royalties, but also the origin song creator. For more details about music NFT royalties, check out Music NFT Royalty Rules.
Openlake supports the construction of cover trees of a song through smart contracts. All the secondary creations surrounding the work, including covers, adaptations, etc., are automatically generated through smart contracts to facilitate the search and traceability of the cover tree. Any music reproduction not in the cover tree is considered piracy.
Copyright NFT Listing:
Both origin song creators and cover artists can list Copyright NFT. Copyright subjected to the cover song belong to cover artist. Cover song Copyright is independent of origin song Copyright. All benefits of the NFT work belongs to Copyright NFT holder. Copyright NFT holder can transfer or sell Copyright to other users. The transfer of Copyright will not affect the already sold Cover Right and Commercial Use Right.
Only one copyright NFT can be created for each music work. After purchase of a copyright NFT, the buyer owns all rights subjected to the music work, which includes publishing rights, authorship rights, reproduction rights, rental rights, performance rights, projection rights, broadcasting rights, network transmission rights, adaptation rights, rights to maintain integrity, etc.
On Openlake, Copyright NFT holder receives all royalties subjected to the music work. Once Copyright NFT is sold and transferred to another user, all rights and new royalty income automatically belongs to the new owner.
Please note that any restrictions, terms, and conditions defined elsewhere in the legal documents are still applicable to the music NFT. The users have to comply with the local legal framework and international copyright law.