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The creation of \u201cfull-length\u201d NFTs, for more than just personal use, is underway. This allows them to contain metadata to be available for use and access also on Web2 platforms.<\/p>\n
\u201cAlmost all NFTs created today are only for personal use, unable to be exploited as streaming assets. [Full-length NFTs] provide greater clarity and control for artists in how they manage their works.\u201d<\/p><\/blockquote>\n
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.<\/p>\n
Related: <\/u><\/em><\/strong>NFTs bridge music communities across genres and blockchain ecosystems<\/em><\/strong><\/p>\n
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.<\/p>\n
This could help perpetuate effective payments or reporting of metadata usage. According to the managing director, it will be a slow-rolling adoption of the innovation but can pick up steam from the fringes of the industry first.<\/p>\n
\u201cIndies play a huge role in this execution as they often (not always) have full control of their works and hence their works can lead this innovation.”<\/p><\/blockquote>\n
He continued to say that, \u201cwhether it is an organization that is setting standards, like DDEX or a new entity, the standardization of metadata is a plus not only for platforms but ultimately artists and users.”<\/p>\n
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.<\/p>\n
Most recently Mastercard announced its plans to launch a Web3 musician accelerator program with Polygon.<\/p>\n