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NFTs, once hailed as a potential game-changer for the music industry, have faced a dramatic fall from grace. At its peak in August 2021, the NFT market boasted a staggering $17 billion valuation, luring millions of investors. However, a recent study by dappGambl, a community of finance and blockchain experts, analysed 73,257 NFT collections, revealing that a staggering 95% are now effectively worthless, with a market cap of zero Ether (ETH), the second-most-popular cryptocurrency. This once-thriving market has dwindled to a mere $80 million, representing a mere 3% of its peak value.

The head of the UK’s BPI, the record label trade body, has responded to a statement by the Council of Music Makers (CMM) regarding the use of AI in music. She emphasises that record labels are actively exploring AI’s potential while also insisting on the protection of copyright and the interests of creators. The CMM, representing various UK music industry organisations, recently outlined five principles for music AI tools, with a key demand being the necessity of seeking music-makers’ consent before using their work to train AI models.

Meta has officially responded to a recent copyright lawsuit brought forth by three authors – Sarah Silverman, Christopher Golden, and Richard Kadrey – regarding its generative AI model known as LLaMA. While this particular lawsuit doesn’t involve the music industry, it raises essential questions about the copyright implications of AI companies that utilise existing copyrighted material in training their models.

In the ever-evolving world of music streaming, DiMA (Digital Media Association) has made a significant move by appointing Graham Davies as its new CEO. Davies, former CEO of the Ivors Academy, a UK trade body for songwriters, is set to take the reins later this fall, complete with plans to relocate to the United States.

JKBX, pronounced ‘jukebox’, has this week confirmed that it will officially launch on Tuesday, September 12. The song royalties trading company looks to shake up the music industry by treating song rights as shares, to be invested in.

ChatGPT maker OpenAI filed legal papers earlier this week seeking to dismiss elements of a copyright infringement lawsuit filed against it by three authors, including comedian and writer Sarah Silverman.

The US Copyright Office has identified four key topics for debate as it opened up a public consultation about all the copyright issues raised by artificial intelligence and especially generative AI. It is now inviting any interested parties to submit their opinions and positions.

The US Copyright Office has declined to review the compulsory licence that covers the mechanical copying of songs within the US in response to a request by American songwriter George Johnson. 

TikTok has officially released their Top Ten Songs Of The Summer, both globally and in the UK. 

YouTube is testing a new feature for Android devices that would allow users to identify songs by humming. The feature looks to build greatly on Apple’s Shazam, which requires users to record a portion of the song in order to get a successful identification.