What rights do I have when I mint a song on the mayk app? Note: This only applies to situations where mayk.it is providing you a beat via through our in-app beats? This is the agreement for all artists when a song is made on the mayk.it app 50% of publishing and master rights of any songs made on mayk.it got to you the creator. The Producer of the music will be the co-owner of the nft and the remaining 50%.
What are you minting as NFT? If you mint a mayk.it NFT as the vocalist, you aren’t giving up any rights. You are only splitting the rights for the song NFT with the producer of the beat until you sell it to a third party on a marketplace.
Will mayk.itcreators and producers be making royalties of NFT sales, but not us? No, a 10% royalty tax is added on top of the sales price (paid by the buyer) of your NFT for each sale on Opensea. Mayk.it will redistribute 45% of this 10% fee to artists according to our current split agreement.
"If you sell a mayk.it beat as the vocalist, you aren’t giving up any rights" but it also says "If you sell the NFT to a third party on the secondary market, you transfer your rights and ownership to the buyer.. is this a tiny bit confusing”? A. Apologies for the confusion here! You do not give up any publishing, sync or master rights when you sell an NFT made on mayk.it B. You are selling a minted digital version of your song on the blockchain and are giving up the ownership of that version of your song. Think of it as selling digital merch.
What rights do I own? The Artist only has the rights to use the version of the song that they’ve created and minted. Any commercial use will have to be approved by mayk.it. You will be the owner of 45% of the first official sale. Secondary sales or third party sync licensing of the song will have different percentages (see DSP FAQ). As the co-owner, you have the rights to use the song in any way you choose. But you don’t have any rights to the original beat in its raw form, only for the version of the song that you created.
Is there a way for us to pick a percentage we can keep? Unfortunately not at this time, currently this is a flat rate set based on the initial rollout of our in app minting which we are working to improve with time and feedback!
Who owns the lyrics and melodies? You own the copyright for your original lyrics and melodies for the version of the minted song you created on mayk.it. The beat is owned by the producer and your song is co-owned by you and the producer who made the beat. If you sell the NFT to a third party on the secondary market, you transfer your rights and ownership to the buyer.
When I mint the NFT from maykit how do splits work with contracts and royalties on opensea? Based on our current implementation, a 10% royalty tax is added (paid by the buyer) on top of the sales value of the NFT. The artist receives 100% of the initial sales value, and 45% of royalties This 10% royalty tax is split like this: 45% to the artist 45% to the producer 10% to mayk.it
Sample example DaniDaGenie puts her NFT on Opensea for sale for a price of $100 / 90tapes wants to buys her NFT for $100. Opensea adds the 10% royalty tax on top of the $100 for a total sales price of $110 / 90tapes buys the NFT for $110! Dani receives $100 immediately, and the $10 royalty tax goes to mayk.it to distribute royalties mayk.it manually splits the $10 and sends $4.5 to DaniDaGenie, $4.5 to the producer of the beat, and keeps $1 for administrative costs.
How will copyright disputes be handled? Legal rights will need to be enforced by your lawyer, in the case of any disputes or infringements. All ownership and rights data will be included in the smart contract that is created when you mint the NFT.
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