Another relevant implementation of the technology to be considered by industry insiders is how Web3 tools can help artists and companies manage music metadata.
In the current Web2 music industry, numerous organizations are dedicated to the management of music metadata, along with its licensing. Though with Web3 developments like NFTs, which canRaso elaborated that metadata is currently delivered by a major label through the industry standard Digital Data Exchange This can create XML files of more than 200MB, which contain information on contributors, artists, commercial and territorial rights and more.
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.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.
conraso GM Cointelegraph
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