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HitPiece was panned in early 2022 after allegedly minting and selling music NFTs without artists’ knowledge.
Mere months after being slammed by the music industry at large for auctioning music NFTs without artists' consent, HitPiece has relaunched, Billboard reports.
Legions of artists lashed out at HitPiece in early 2022 after a plethora of NFTs appeared on the controversial marketplace without their consent. After major recording artists like Jack Antonoff and industry trade organizations like the RIAA admonished the platform, its website went offline.
But HitPiece is now back online and aiming to be "the easiest place to create and buy authentic music artist NFTs," according to Billboard.
"HitPiece is working with the licensors of music to secure performance rights," Felton said in an email to Billboard. "We may enter into agreements with individual songwriters and publishers rather than PROs since the licenses from PROs may not be well suited for our platform. We may also enter into agreements directly with recording artists who have those rights or their record labels."
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HitPiece's co-founder, Rory Felton, recently spoke with Input and issued a mea culpa.
"Clearly, we failed to have the proper guardrails in place around the product, which led to the miscommunications and challenges that happened," Felton said. "We made mistakes with that, and we're looking to learn from that and build upon that."
HitPiece, which reportedly received $5 million in early funding, has since moved on from its beta phase and signed up roughly 50 artists, such as ATL Jacob and Lil Gnar. The company takes a 10% transaction fee for any NFTs sold through the marketplace, per Input.
Lennon is a music journalist who has contributed to EDM.com for over five years. A seasoned music business reporter, his writings bridge the gap between education and technology through a musical lens. He is also the host of the music business podcast When Life Hands You Lennons and founder of his own electronic music website, EDM In A Soda.
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The HitPiece marketplace, which appears to list music NFTs from artists like Avicii, Calvin Harris and Steve Aoki, has been the subject of contentious backlash on social media.
Dance music artists are also topping the list of the most in-demand creators in the NFT space.
“I’ve been getting more and more into EDM/House music and I aspire to be a DJ one day making my own playlists and sets,” Huston said.
The RIAA wants the transactional data from HitPiece to ensure no NFTs were actually sold while the website was live.
The DJ and cryptocurrency pundit appeared on the “Chain Reaction” podcast to explain what gives music NFTs value.
Over 10 major artists will be debuting their own NFTs as part of the massive launch.
Kygo and Tedder dropped their first music NFT genesis collection today, with 300 limited editions.
This funding comes after a $16 million investment back in August.
