Metaverse Brings New Problems And Opportunities To Music Licensing – Report
As the metaverse and Web3 gain popularity, musicians and songwriters are curious about how music licensing will be handled in this novel realm. The word “metaverse” is becoming ubiquitous, but few understand its significance, as it is still an evolving concept that is challenging to explain even to those unfamiliar with Web3.
Nevertheless, the metaverse can transform the internet and how people live, play, and work. It is a pioneering field of creativity and innovation, focusing on media, including music.
This is evident by the prevalence of music-sharing social platforms and music integration into other digital platforms. However, this has exposed the inadequacy of some current licensing systems in keeping up with the rapid pace of technological advancement, emphasizing the need for modernization.
The advent of the metaverse and Web3 has opened up new avenues for music creation and consumption, necessitating overhauling the sector’s current licensing system. Web3 innovations such as NFTs have transformed the music industry, prompting a reevaluation of the traditional approach to music licensing.
Also, the metaverse has proven to be a fertile ground for music, with numerous renowned musicians staging concerts in the ecosystem and many artists exploring the possibilities of NFTs for music releases. Despite the constantly evolving nature of Web3, music licensing within the metaverse has immense potential, and its significance cannot be overstated.
As the metaverse continues to expand and influence how people interact with the internet, music licensing policies must adapt to meet the new reality of this innovative space.
Current Music Licensing Challenges In The Metaverse
Despite numerous experiments within the metaverse, music licensing remains underdeveloped. It needs the clear standards and regulations required for a stable licensing environment, unlike social media apps in Web2, which have established guidelines for licensing.
Spottie Wifi, a Web3 advocate and famous musician, discussed the current state of music licensing within the metaverse in a recent interview. According to him, there is a need for a different licensing framework for the metaverse, as it differs from traditional licensing.
According to Spottie Wifi, a metaverse’s music license must explicitly state the metaverse as the primary distribution channel within the license scope, or the license should have a broad scope that covers it. However, licensing music in Web3, particularly regarding digital collectibles, presents challenges that do not exist in Web2.
For example, Spottie Wifi created a concept album about the metaverse life in 2021. He sold it as an NFT, allowing the NFT holders to commercialize and use the music while he retained ownership of his publishing and masters.
However, the complexity of enforcing IP — intellectual property rights in the metaverse adds to the challenge of ensuring the non-exploitation of musicians’ works and underscores the need for a more comprehensive licensing system.
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