Web3 Music has developed significantly since the early days of 2015/16. Intial ideas have become relatively successful experiments attracting c.$90m in primary sales of music NFTs in 2021. Social tokens are starting to power artist owned universes for their fans,such as racOS.
However, challenges remain. Specifically in:
- Normalising differing approaches to the definition of NFTs, from metadata through to type of NFT, be it a 1:1, series, or something different all together
- Identity and mapping accross linked accounts is currently unsolved as a area of development, though there are significant promising projects, ranging from self-sovereign identity solutions, such as Verifiable Credentials, through to ambitions towards a "soul-bound" decentralised society
- Complex rights and permissions are currently relatively ignored from an on-chain perspective, with resolution occuring offchain (if at all). There has been a push towards CC0 as a proposed solution for the arts in Web3, however, it's likely that a more nuanced solution is required for wider adoption.
The current state of art constrains developers that are seeking to build experiences on top of these new primatives:
- Licensing and understanding which NFTs are associated with music that can be served to users is currently extremely challeging and may result in litigation risk
- On-boarding new artists is unscalable, requiring concerted human effort
- Providing analysis to directly compare across NFT platforms is difficult without normalisation
neume is solving these challenges through social scalability by facilitating an implementation process that seeds and builds the momentum of decentralised contribution.
We believe that neume will be part of the solution to unlock the next phase of growth of the Web3 Music industry by providing open infrastructure that brings scale benefits to experimentation.
neume is an open source project supported by HIFI Labs