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The music industry has been quick to embrace 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 application of technology that industry insiders should consider is how web3 tools can help artists and businesses manage musical metadata.
Cointelegraph spoke with con raso, the general manager of the world-class b2b music streaming technology provider, to better understand this usage case.
In today's web2 music industry, many organizations focus on music metadata management and 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 allows the creation of xml files over 200mb, which contain information about contributors, artists, commercial and territorial rights and more.
NFT "full-length", for more than personal use, is being created. This allows them to store metadata that can be used and accessed on web2 platforms as well.
"Almost every NFT created today is only created for personal purposes, [Full-length nfts] give artists more clarity and control over the way they manage their works.”
But Raso says Web3 is still in its infancy. However, this new technology inevitably calls into question old systems and creates a space for new development.
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 contribute to the continuation of efficient payments or reporting on the use of metadata. According to the Director General, this will be a slow uptake of innovation, but may take steam from the periphery of industry first.
'India plays an enormous role in this performance because they often (not always) have full control of their works and therefore their works can direct this innovation."
That is what he said, "if it's a standards-setting organization, like DDEX or something new, Metadata standardization is an advantage not only for platforms, but for artists and users as well."
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.
