MBW Views is a sequence of unique op/eds from eminent music trade individuals… with one thing to say. The next comes from Scott Cohen, CEO of (and investor in) JKBX, which intends to supply “followers, retail buyers and music lovers” the chance to spend money on music rights. Earlier than becoming a member of JKBX in 2022, Cohen was Chief Innovation Officer at Warner Music Group. In 1997, he co-founded The Orchard, the artist/label companies firm which is now owned by Sony Music and operates 45 places of work worldwide.
Web3 doesn’t exist. No less than not as you would possibly give it some thought. Web3 is an idea. It’s an ethos. However it isn’t a know-how. But, that’s how individuals discuss it.
And the way an individual talks about know-how tells us loads about each the know-how itself and the particular person. As an illustration, for those who really know the know-how you might be utilizing, then probably you might be an “early adopter.” When a know-how is really mature, you don’t even realize it exists, not to mention discuss it.
Bear in mind after we knew digital music file codecs by their acronyms? WMA, AAC, WAV, MP3. Are you aware the file codecs utilized by music platforms at this time? Do you even care? The know-how behind digital music at this time is extensively adopted, due to this fact making it largely utterly invisible.
This isn’t the case for Web3…but. Proper now the chatter is all about blockchain, cash, tokens, crypto wallets and NFT’s. However the true energy of Web3 shouldn’t be the underlying know-how. The true energy is the advantages we’ll notice from utilizing it.
When the crypto ice age begins to thaw, we’ll begin to harness the true potential of Web3 in a manner much like what occurred following the Dot Com crash of the late 90s. It wasn’t concerning the know-how anymore however what we might do with it. It began with Web1.
Web1 was the read-only internet. It made everybody an “skilled”. It took the offline world and put it on-line. It appears so easy and apparent now, however completely transformational within the 90s. Data was at our fingertips. Actually.
As we tapped away on our keyboards we might entry info in seconds — really minutes with sluggish modems and early stage engines like google. Up to now that may have taken hours, days, and even weeks. When was the final time you went to the library to seek for info? It appears so antiquated. However that’s how we needed to do it again within the day.
Web2 is the learn/write internet. It makes everybody a creator with a voice. There was a transparent dividing line. A number of individuals created and the rest consumed. Music, pictures, video, writing: with Web2, the road blurred. Everybody started creating and posting content material, and social media exploded.
Web3 is the learn/write/personal internet. In different phrases, individuals retain their current possession of their content material, possession of their information and management of their permissions, and localized and personalised AI. And people who contribute to the community shall be rewarded.
As I aggressively march in direction of the general public launch of my new firm JKBX, we’ll clearly be incorporating Web3, however I wager you gained’t have the ability to spot it. You’ll really feel the advantages with out noticing the tech. And that’s after we will know we’re on the correct path.Music Enterprise Worldwide