• Web3 features such as NFTs and blockchain-based systemization offer clarity and new accessibility to managing music metadata.
• Nonfungible tokens (NFTs) help artists connect with their communities and can identify each individual usage via blockchain.
• Digital Data Exchange (DDEX) is currently used to deliver metadata and create XML files of more than 200MB, containing information on contributors, artists, commercial and territorial rights and more.
The music industry has been quick to adopt Web3 solutions, particularly nonfungible tokens (NFTs). These tokens can help artists connect with their communities, as well as provide them with greater clarity and control in how they manage their works. Blockchain-based systemization also presents a new way for musicians and companies to manage music metadata.
Con Raso, the managing director of business-to-business music streaming technology provider Tuned Global, explains that metadata is currently delivered by a major label through the industry standard Digital Data Exchange (DDEX). This generates XML files of more than 200MB, containing information on contributors, artists, commercial and territorial rights and more.
In the future, full-length NFTs will also be available, which can be exploited as streaming assets. This will enable artists to have greater access to their metadata, as well as enable them to access Web2 platforms. It also provides them with the ability to create their own NFTs for their music, which will contain the metadata available for use and access.
Apart from NFTs, blockchain-based systemization could also be used to manage music metadata. This system would ensure that all metadata is accurately tracked and shared. It would also greatly reduce the time and resources spent on manual data entry, as well as reduce the risk of errors.
The introduction of Web3 solutions to the music industry is set to revolutionize how music metadata is managed. These solutions will provide musicians and companies with greater access to their data, as well as enable them to create their own NFTs for their music. Furthermore, blockchain-based systemization will ensure that all data is accurately tracked and shared, while also reducing the time and resources spent on manual data entry. As such, Web3 tools offer a more efficient and secure way to manage music metadata.