5.2 Profile introduction (informative)
5.2.1 Introduction
As indicated in Clause 5.1.2 there are different set-ups relating to the administration of rights in a Music NFT that an NFT Minting Service may choose based on, for example, its internal policies, its contractual obligations with the NFT Issuer and other rights holders.
In order to enable an NFT Issuer to communicate the essential constituents of the set-up relating to the administration of rights in a Music NFT, this part of the Web3 standard defines a series of Profiles each of which is defined by reference to three dimensions:
5.2.2 Management of the metadata
Data such as that describing the title of a sound record, the artist names and other such essential data elements rarely changes after a Music NFT has been created. Were such changes to occur and need to be communicated this might be handled by creating new data that would augment the old data, and where both data entities would be visible and identified as separate versions of the data. However, versioning such data may not be acceptable to all NFT Issuers. That aside, this data would be considered immutable.
Identifiers of the sound recording and, maybe, the embedded musical work would usually be considered “core metadata” and thus be immutable.
Data that is highly likely to change, such as rights controller data or rights share data, will need to be updatable. This can be achieved either by two (or more) versions of the data being present as described above or where the old data is completely removed from view and replaced by the new data.
5.2.3 Management of Primary Resources
There may be circumstances where Primary Resources, that is the actual files containing the sound recording(s) or music video(s) themselves, may need to be taken down, for example, where the record company no longer has the relevant rights or replaced, for example, because of file failure, after the Music NFT has been minted.
Where the circumstances in the paragraph above occur with regard to secondary resources, such as cover art, the process by which such resources are taken down or replaced does not need to be standardised and could typically be left to the discretion of the NFT Minting Service.
5.2.4 Management of wallets for royalty payments
The management of wallets for royalty payments may be administered directly between the NFT Issuer and the rights controllers (typically by using a wallet for each rights controller) or a multi-signature wallet to cater for cases where not all rights controllers are known at the time of minting the NFT.
This latter case may also be handled by the NFT Issuer managing, directly or indirectly, an “escrow” wallet, as set out in Clause 6.1, through which rights controllers can then be remunerated.