Portions of the music industry are embracing the global Metaverse trend in search of opportunities for expansion, collaboration, revenue generation and artistic innovation. Some recent projects, such as Fortnite’s Ariana Grande concert, UMG’s launch of the new “NFT Supergroup”, and HYBE’s diversification beyond music demonstrated what music can do in the Metaverse world.
There are several social media platforms dedicated solely to sharing music, and those that don’t have integrated music in other ways. This has not only increased awareness of online music licensing, but also highlighted the need to update outdated systems to keep up with rapid technological advances.
The Metaverse: What Exactly Is It?
metaverse refers to a virtual shared world created through the intersection of physical and virtual reality. Here, users can communicate with each other in real time via a computer-generated environment. It is a concept that is still evolving and is often associated with immersive technologies such as virtual reality, augmented reality and 3D environments.
Current Licensing Challenges
In the Web3 field, technology is advancing rapidly and since everything is new, there are numerous problems to be solved. Currently, the Metaverse is in the new exploration and testing phase. So when someone fails, it becomes a lesson for others.
Although extensive research has been done in the metaverse, the evolution of licensing has yet to keep up. There are licensing standards for Web2 platforms, e.g. B. What can and cannot be executed. However, this does not currently exist in Metaverse. Licensing and copyright laws and standards are not as comprehensive as required for a trustworthy licensing landscape.
In the Metaverse, music licensing differs significantly from traditional music licensing. The key difference is that the Metaverse Music License requires adding Metaverse as a distribution channel listed in the scope of the license, or the scope of the license should be broad enough that Metaverse would be included by default.
Here are some of the current challenges facing licensing in the Metaverse:
- Intellectual property rights: Since the Metaverse is a virtual space where users can create and sell their own content, it is vital to ensure intellectual property rights are protected. However, enforcing IP rights in the Metaverse can be challenging as it is difficult to track and identify infringing content. This has led to questions about who owns the content created in the metaverse and who should be responsible for enforcing IP rights.
- Cross-platform compatibility: As the metaverse expands, there will likely be multiple platforms or ecosystems that will be interconnected. This makes it more difficult to ensure license agreements are consistent across platforms and can lead to disputes over who owns the rights to specific content.
- content moderation: One of the biggest challenges in the Metaverse is content moderation. With millions of users creating content, it’s difficult to monitor everything and make sure it’s compliant with license agreements. This is an incredible challenge considering the Metaverse is a global space and different countries may have different laws and regulations regarding content moderation.
- License Agreements: License agreements are often complex and difficult to understand. This can make it difficult for users to know what they can and cannot do with the content they create in the Metaverse. There is also a risk that license agreements may be unfair to users, leading to disputes and legal challenges.
- Emerging Technologies: The Metaverse is still in its early stages and as new technologies emerge it can be difficult to ensure that license agreements are current and cover all new technologies. This may require ongoing negotiations and updates to license agreements to ensure they are comprehensive and effective.
Revolutionary Approaches to Licensing in the Metaverse
Hendrik Hey, founder of Media Industry Licensing Content, which uses blockchain technology to license content, believes a new licensing model is on the horizon.
Hendrik Hey said that a user-friendly platform is being developed to allow musicians to enter their license details. Blockchain technology is used to license music in the Metaverse, where a skilled user creates a hash containing all relevant licensing information. The licensed assets can then be localized in the Metaverse world.
The blockchain hash is generally secure and transparent, but not completely tamper-proof. However, they can significantly simplify the licensing process. The automatically generated blockchain hash can be used to prove the validity of the license information. In the event of a legal disagreement, the blockchain can identify the actual owner, proving that you are the rightful owner of the license and the information is authentic.
The Metaverse has an exciting future from an artistic and development perspective, with tremendous prospects for success and significant financial rewards for content producers. For example, Spottie Wifi made $192,000 in less than 60 seconds selling his music as an NFT compilation. The middlemen were eliminated and the money went straight into his wallet.
So Metaverse can go mainstream with people like Hey developing the space and Spottie Wifi experimenting in it.
Last snack
Metaverse is evolving into a new digital space for music artists to use their avatars to create an immersive music experience. There are different types of metaverse, e.g. B. Blockchain-based, gaming-based, etc. Some metaverses rely entirely on virtual reality (VR) technologies and require a VR headset to immerse themselves in the digital virtual space.
There are many potential uses of metaverse and blockchain technologies in the music industry for recording and licensing. One of the most relevant use cases is the development of a networked copyright ownership database that would help solve music licensing issues. Owning products using proprietary rights and licensing benefits has become one of the biggest challenges in today’s music industry. Metaverse and blockchain can provide ownership rights needed to monetize digital music products.
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