The music industry has not shied away from its keenness to adopt Web3 solutions. From nonfungible tokens (NFTs) helping artists connect with their communities, to various blockchain 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 business-to-business music streaming technology provider Tuned Global, to better understand this use case.
In the current Web2 music industry, numerous organizations are dedicated to managing music metadata and its licensing. 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.
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The creation of “full-length” NFTs for more than just personal use is underway. This allows them to contain metadata available for use and access 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.
Related: NFTs bridge music communities across genres and blockchain ecosystems
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 Raso, it will be a slow-rolling adoption of the innovation,…