South Korean firm receives patent for copyright protection using NFT

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.