The music industry is fully embracing Web3 solutions like nonfungible tokens (NFTs) and blockchain technology. These innovations are revolutionizing the way artists connect with their communities, manage metadata, and even sell event tickets. Managing director Con Raso of Tuned Global, a B2B music streaming technology provider, explains how Web3 tools can help streamline the management of music metadata, a crucial aspect of the music industry. In the current Web2 world, organizations handle metadata and licensing, but with the rise of NFTs and blockchain, new data management questions are arising.
One key development is the creation of “full-length” NFTs that contain metadata for broader use beyond personal ownership. This allows artists to have greater control over their works and opens up new opportunities for them in the digital space. Despite being in its infancy, Web3 formats are challenging old systems and paving the way for more efficient ways of managing music assets. By creating a blockchain-based standard that presents a unified view of recordings and works, the industry can enhance transparency and streamline the payment and reporting process for metadata usage.
The adoption of Web3 technology in the music industry is expected to be a gradual process, starting from the indie sector and gradually expanding to mainstream players. Indie artists, who often have full control over their works, are in a position to lead the innovation in metadata standardization. Whether it is established organizations like DDEX or new entities setting the standards, the goal is to benefit platforms, artists, and users alike. Major players like Warner Music and even financial services giant Mastercard are already exploring ways to leverage Web3 technology to enhance their offerings and support musicians in this new digital landscape.
As the music industry continues to evolve, Web3 solutions are offering new possibilities for artists, companies, and consumers to interact in more innovative and efficient ways. By utilizing technologies like NFTs and blockchain, artists can better manage their works, connect with their fans, and explore new revenue streams. The shift towards Web3 technology may be gradual, but with the support of both indie artists and major industry players, the music industry is poised to transform and adapt to the digital age. Embracing Web3 technology will not only benefit artists and companies but also enrich the music experience for fans and users worldwide.
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