Re:In Response to My first impressions of Web3
by chrisco255 on Saturday January 08, 2022 @09:55PM
(#29859496)
Your private key would be used to sign a message that proves your public key. But your public key is all that's needed to validate which NFTs you own or whether you hold an NFT from a particular collection.
> The nft would be authorization, which sounds a lot like digital rights management to me
The NFT can be used as a token to access a particular service. But by no means is it anything like DRM.
An NFT is recorded in a smart contract. The record of an NFT's purchase and transfer history is immutable and on-chain. It's not revokable by a record company if they sold it under some particular terms to begin with.
At this point, however, it's far more likely that a music NFT has been produced and sold by the artist themselves, rather than a record label (3LAU https://nft.3lau.com/#/auction), Euler Beats (https://eulerbeats.com/genesis/21575894274), RAC (https://rac.fm/nft) as some examples. That's part of the beauty of this system, though, in my mind. An artist can have a direct relationship with their fans and keep nearly 100% of the revenue. They may even focus on obtaining 1000 high dollar mega-fans rather than hoping for a billion plays on Spotify, for example. And that's going to be perfectly ok as a business model in Web3.
> The nft would be authorization, which sounds a lot like digital rights management to me
The NFT can be used as a token to access a particular service. But by no means is it anything like DRM.
An NFT is recorded in a smart contract. The record of an NFT's purchase and transfer history is immutable and on-chain. It's not revokable by a record company if they sold it under some particular terms to begin with.
At this point, however, it's far more likely that a music NFT has been produced and sold by the artist themselves, rather than a record label (3LAU https://nft.3lau.com/#/auction), Euler Beats (https://eulerbeats.com/genesis/21575894274), RAC (https://rac.fm/nft) as some examples. That's part of the beauty of this system, though, in my mind. An artist can have a direct relationship with their fans and keep nearly 100% of the revenue. They may even focus on obtaining 1000 high dollar mega-fans rather than hoping for a billion plays on Spotify, for example. And that's going to be perfectly ok as a business model in Web3.