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The music industry has not shied away from its enthusiasm to embrace Web3 solutions. From non-fungible tokens (NFTs) that help artists connect with their communities to blockchain that is used for various use cases, including event ticketing.
Another relevant implementation of the technology for industry experts to consider is how Web3 tools can help artists and businesses manage music metadata.
Cointelegraph spoke with Con Raso, managing director of B2B music streaming technology provider Tuned Global, to better understand this use case.
In today’s Web2 music industry, numerous organizations are engaged in music metadata management, along with its licensing. Although with Web3 developments like NFTs, which can identify each individual use via the blockchain, data management issues come into play.
Raso explained that the metadata is currently delivered by a major label through the Digital Data Exchange (DDEX) industry standard.. This can create XML files larger than 200MB, containing information about 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 so that they are available for use and access on Web2 platforms as well.
“Almost all NFTs created today are for personal use only, they cannot be exploited as streaming assets. [Full-length NFTs] provide greater clarity and control for artists in the way they manage their works.
However, Raso says that Web3 formats are still in their infancy. Inevitably though, this new technology challenges old systems and creates space for the development of new ones.
Related: NFTs unite music communities across genres and blockchain ecosystems
Another example of a new system is a blockchain-based standard where all parties involved in creating and licensing would be presented with a single view of a recording or work.
This could help perpetuate effective payments or metadata usage reporting. According to the managing director, it will be a slow adoption of innovation, but it can first gain momentum from the margins of the industry.
“The Indians play a very important role in this execution, as they are often (not always) in full control of their works, and therefore their works can lead this innovation.”
He went on to say that, “Whether you are an organization that is setting standards, such as DDEX, or a new entity, metadata standardization is a benefit not only for platforms but ultimately for artists and users.” .
Both mainstream and niche artists in the music industry are slowly entering the Web3 space. While legacy names in the music world may be harder to convince to change their ways, major players like Warner Music have already begun to innovate.
Most recently, Mastercard announced plans to launch a Web3 musician accelerator program with Polygon.
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