The music industry has not shied away from its keenness on adopting Web3 solutions. From nonfungible tokens (NFTs) helping artists connect with their communities to blockchain being used for various use cases including event ticketing.
Another relevant implementation of the technology to be considered by industry insiders is how Web3 tools can help artists and companies manage music metadata.
Cointelegraph spoke with Con Raso, the managing director of B2B music streaming technology provider Tuned Global, to better understand this use case.
In the current Web2 music industry, numerous organizations are dedicated to the management of music metadata, along with its licensing. Though with Web3 developments like NFTs, which can identify each individual usage via blockchain, data management questions come into play.
Raso elaborated that metadata is currently delivered by a major label through the industry standard Digital Data Exchange (DDEX). This can create XML files of more than 200MB, which contain information on contributors, artists, commercial and territorial rights and more.
The creation of “full-length” NFTs, for more than just personal use, is underway. This allows them to contain metadata to be available for use and access also on Web2 platforms.
“Almost all NFTs created today are only for personal use, unable to be exploited as streaming assets. [Full-length NFTs] provide greater clarity and control for artists in how they manage their works.”
However, Raso says Web3 formats are still in their infancy. Though inevitably, this new technology questions old systems and creates space for the development of new ones.
Another example of a new system is a blockchain-based standard in which all parties involved in the creation and licensing would be presented with a single view of a recording or works.
This could help perpetuate effective payments or reporting of metadata usage. According to the managing director, it will be a slow-rolling adoption of the innovation but can pick up steam from the fringes of the industry first.
“Indies play a huge role in this execution as they often (not always) have full control of their works and hence their works can lead this innovation.”
He continued to say that, “whether it is an organization that is setting standards, like DDEX or a new entity, the standardization of metadata is a plus not only for platforms but ultimately artists and users.”
Both mainstream and niche artists in the music industry are slowly trickling into the Web3 space. While the legacy names in the music world might be more difficult to convince to change their methods, major players like Warner Music have already begun innovating.
Most recently Mastercard announced its plans to launch a Web3 musician accelerator program with Polygon.
This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.
#Bitcoin #Crypto #Cryptocurrency