Source: news.google.com
RIYADH: Artists and industry professionals have an essential role to play in manifesting and entering the new dimension of the metaverse and Web3, a blockchain-based version of the Internet.
From full concerts and music scenes to audiovisual art, the metaverse is slowly becoming the newest music market to tap into.
At the XP Music Futures conference, industry leaders and experts explored the many ways musicians, managers, and record labels can use the platform to transform the music industry. With Saudi Arabia’s commitment to develop AI and immersion technologies under Vision 2030, it is slowly becoming one of the fastest growing markets globally.
“We have all the new and human resources necessary to create the city of the future,” said Noor Said, A&R and product manager for MDLBEAST.
“I think what is driving this huge investment in the metaverse and AI is…the current situation in the country…We are already very connected with online content.”
The AI-powered metaverse provides endless opportunities for creators to elevate music and create unprecedented immersive experiences through emerging technologies such as non-expendable token concerts, music videos, brands, marketplaces, and fan royalties.
Sensorium Art Director and Deputy CEO Sasha Tityanko said: “The road to (virtual reality) adoption, as you may know, has been notoriously bumpy. Headsets have been clunky, heavy and uncomfortable to wear, and going into a VR game, for example, was the sort of thing we couldn’t do.
Fortunately, hardware and software evolve every day, and the concept becomes more sophisticated and appealing…particularly innovations in smartphone hardware alongside next-generation VR-enabled headsets. I expect it to be a major market driver in the next decade.”
There are also massive advances with 5G networks, with benefits in VR to reduce latency, delivering a smoother, richer and more engaging user experience.
Artists have endless possibilities to manage their digital presence and their performances; creators can generate a photo-realistic avatar that mimics real life goals and can be adapted to the different stages of their creative journey.
Companies like Sensorium are working to help artists and creators realize the most ambitious artist distributions with the help of this emerging technology.
Since the constraints of gravity and real life do not exist in the metaverse, designers can experiment with thousands of 3D architectural elements and assets, including virtual infrastructures, colors, and lighting effects, to create unlimited concert venues and stages. .
For fans within cyber-physical distance, fans can have exclusive opportunities to engage in meet and greets, build stronger connections with fan communities, and experience a performance through the perspectives of the artists.
While the concept sounds intriguing, the reality can play out very differently. One of the key challenges is that many of the biggest players in Web3 are brokers. Power is far from equal, causing ownership of blockchain networks to be unevenly distributed and concentrated in the hands of early adopters and venture capitalists.
While no legitimate actionable laws, rules and regulations have been established around the use of NFTs and Web3 globally, there are few off-platform ways by which musicians can secure their rights.
However, creators and brands can use existing copyright and commercial rights. For example, Gucci recently designed a virtual Roblox tote, which sold for more than 25 percent of the retail price. The same can be applied to music artists in terms of album covers, streams, and track releases.
In a more innovative approach, Dutch DJ Don Diablo made history by selling the first NFT movie of a full-length concert for $1.2 million last year.
“The metaverse is innovative… IP in the metaverse world runs very deep and has a very clear presence. We just need to unlock it,” Dr. Al-Hanoof Al-Debasi, executive director of copyright at the Saudi Intellectual Property Authority, told Arab News.
“There are no laws in the metaverse… It is a new technology, and the entire world is still not sure how to deal with it because they must first understand it, as well as where the limits of one country end and another begins.”
His advice to aspiring artists looking to venture into the metaverse is to create your innovations in the physical world and apply for registrations, patents, and copyrights, making sure you have physical documentation.
After establishing concrete rights, they can take their innovations to an emerging world.
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