The music industry hasn’t shied away from its eagerness to embrace Web3 solutions. From non-fungible tokens (NFTs) that help artists connect with their communities, to various blockchain use cases, including event tickets.
Another relevant application of the technology that industry insiders should consider is how Web3 tools can help artists and companies manage music metadata.
Cointelegraph spoke with Kon Raso, managing director of business-to-business music streaming technology provider Tuned Global, to better understand this use case.
In today’s Web2 music industry, many organizations are dedicated to managing and licensing music metadata. With Web3 developments such as NFTs, which can identify each individual use across a blockchain, questions of data governance come into play.
Raso explained that metadata is currently being delivered by a major label through the Digital Data Exchange Standard (DDEX). This can generate XML files over 200MB in size, which contain information on contributors, artists, commercial and territorial rights, and more.
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“Full-length” NFTs are being created for more than just personal use. This allows them to contain the metadata available for use and access on Web2 platforms.
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“All NFTs created today are for personal use only, and cannot be exploited as streaming assets. [Full-length NFTs] provide artists greater clarity and control over how they conduct their business.”
However, Raso says Web3 formats are still in their infancy. Although inevitable, this new technology calls into question old systems and creates space for the development of new systems.
Related: NFTs connect musical communities across genres and blockchain ecosystems
Another example of the new system is a blockchain-based standard in which all parties involved in creation and licensing are served through a single offer of registration or business.
This can help maintain efficient payments or report metadata usage. According to Raso, it will be a slow adoption of the innovation, but it can pick up steam from the periphery of the industry first.
“Indies play a big role in this implementation because they are often (not always) in complete control of their business, and so their business can drive this innovation.”
He continued, “Whether it’s a standard-setting organization, such as DDEX, or a new entity, standardizing metadata is a plus not only for platforms but also for artists and users.”
Both mainstream artists and music industry professionals are slowly flocking to the Web3 space. While it can be difficult for older names in the music world to convince them to change their ways, big players like Warner Music are really starting to innovate.
Recently, Mastercard announced its plans to launch a Web3 music acceleration program with Polygon.