Interesting Read on decentralization in the music industry…also wondering where maybe Resonate’s Community Credentials project could come into play with all of this? Would the community credentials setup be able to take care of all the rights problems mentioned in the article?
I’ll try to be kind but this is an hilarious pile of crap.
Someone in the comments resumed it very eloquently so i’ll just copy paste it (NFT style) :
“My read on this is as follows: there are two problems here - a (relatively) easy problem of creating a technology infrastructure for decentralized rights and royalties, and a (very) difficult problem of worldwide cooperation between 240 CMOs. Solving the first without the second accomplishes little. Solving the second without the first accomplishes a great deal, and renders the first a mere efficiency improvement. And that, if you ask me, is at the root of why so few blockchain initiatives have (so far) failed to solve any real-world problems.”
And this comment is actually being nice, since I think the various tech propositions based on staking tokens to avoid fraud, or smart contract as the be all end all of copyrights royalty management are a nightmarish vision, not to start with the last two paragraphs where it suddenly becomes very clear all of this is just to “tap into” something considered a huge pile of cash (with an absurd “500billion / 39 billion” extrapolation rooted in nothing but the desire to say exciting numbers) and make it crypto, which is how 99% of discord NFT / DAO / DeFi scam work. But he doesn’t seem to have any problem with all the afformentioned things being ripe for fraud and an absolute shitfest of scams and people being preyed upon since he’s quite joyful at how crypto is wonderful and vibrant.
Anyway yeah for me this is a lot of crap to accomplish nothing. Sorry I said I was going to be kind but this is a little infuriating.
Haha, thank you for your insight here! I am definitely naive when it comes to music rights and publishing and how everything works, so I appreciate your willingness to still try and discuss thoughtfully.
My takeaways from your comments then are…
A. This writer is merely dreaming because there’s no way CMOs will ever allow their work to become decentralized.
B. Even if total decentralization happened, it still wouldn’t be the best thing because centralization isn’t bad, it just needs to be centralized in the right people’s hands with a generally more efficient process behind it?
Tell me where my takeaways may be misleading, but overall I am gaining a new perspective here which I appreciate!
By the way, apologies for any frustration this may have caused , but I am definitely using this as a learning experience, so thank you.
My main reason in bringing this up however is to try and understand where Resonate fits into all of this: paying rights holders, working with CMOs, etc. - if it fits in anywhere at all. I know we have a lot of extremely knowledgeable people in this community who can make sure Resonate is doing what it needs to here, so I’m merely curious to learn more for myself. Thanks!