- Metaverse is a good platform for musicians to release their albums and conduct concerts.
- Metaverse faces a challenge with music licensing.
- NFTs are the major complication of music licensing in the metaverse.
Metaverse is bringing opportunities and hurdles to Music Licensing. Artists don’t want their hard work to be exploited.
Most of the population globally has heard of the term ‘Metaverse.’ The Web3 platform is reaching a peak point in terms of popularity. If explained in the easy term, Metaverse is 3-D enables internet.
Metaverse is the future of collaborations; it has the potential to change the way we live. If we look outside the box, Metaverse is more than entertainment and gaming. It has the potential to grow in the financial sector.
Metaverse and Musicians
Metaverse is still in an evolving and accepting phase. Various music artists are approaching the platform to evolve how the industry runs.
After the world affected badly by the Covid pandemic in 2020. It has slowed down the music industry, the live shows have ended, and meet-and-greet sessions were impossible to host. These things have also affected the finance sector of the industry.
Metaverse has opened a gateway for artists to collaborate with the platform. A new form of displaying and selling their content to the world. Metaverse offers digital currencies and NFTs to artists to sell their content.
With the increasing approach of Metaverse, artists and songwriters are curious about the content licensing in the platform.
Challenges of music licensing in the platform.
Current music licensing needs to be rebuilt in the Metaverse. Music licensing is a way to deliver royalties to the processor of the content to allow the platforms or someone to use their work.
Metaverse is the evolved internet, but even after that, the metaverse platform is unevolve compare to Web2 social media platforms.
Metaverse is in the experimental phase, so they might make mistakes and learn from them. For metaverse to come and a fully developed platform for creators. It has to upgrade its framework and regulations.
Metaverse’s major drawback is NFTs in music licensing. The artists sell their music as an NFT collection that allows the holders a license to use it commercially. This could create conflict. To reduce the conflict, Metaverse should implement Intellectual property right.
The Intellectual property right is also called Content ID. This will remove the content from the platform if the content is breaching someone’s copyright.
Metaverse should approach Blockchain technology to reduce the chance of a conflict of ownership. The Blockchain will create a hash that will store all the information. The technology provides transparency to the public.
Metaverse should work on rebuilding its framework to regulate the conflicts of the platform in music licensing. We all wonder what could be changed in the Web3 platform, so it does not compromise the copyright issue.