This was great. Agree on all counts here. I must say, it's hard not to have a bit of schadenfreude about the big record labels facing doom from DSP generative music. 😅

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My understanding is that Open Edition NFTs don‘t pass the Howey Test because of the Copyright/art involved.

(1) People are investing their money

(2) in a specific NFT community/market.

But since the NFT centers around copyright, they say: „I want to collect this art because it makes me feel something“ and this means they‘re buying it for its present value and not to obtain a future profit (3) through the efforts (4) of others.

Now, when you take the „Copyright“ or the „art“ out of those things, I think it changes the test significantly.

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