Subscribe to our Telegram channel

South Korean firm receives patent for copyright protection using NFT

11:35 am, April 26, 2022

The South Korean music platform Koong World has received a patent for the use of blockchain and non-fungible tokens (NFTs) for copyright protection.

FN News reports that the Korean Intellectual Property Office registered the patent under the number 1 023 882 330 000. The document describes a method of providing services for a music platform using NFTs.

«This patent marks the beginning of full-fledged copyright protection in the music market,» said Koong World CEO Kim Han-jo. It is worth noting that such use of tokens has been talked about for a long time, and Binance was even predicted to launch such a service during the Grammy ceremony. However, it did not go beyond rumors.

According to Kim Han-Jo, users of the platform will be able to exchange music directly, with 80% of the revenue distributed among the authors of musical works. This could change the situation on the market, as currently, performers on local platforms receive only up to a third of the amount paid for a piece of music.

Subscribe to our Telegram channel

BTC

$98,012.78

0.18%

ETH

$3,383.48

-0.43%

BNB

$661.07

0.10%

XRP

$1.47

2.44%

SOL

$253.80

-0.13%

All courses
Subscribe to our
Telegram channel!
The latest news and reviews of the cryptocurrency markets of the last
day right in your messenger. We are waiting for you!
GO TO
Show more