Published: 26.04.2022
Article reading time:
1 min.
South Korean music platform Koong World has received a patent for the use of blockchain and non-fungible tokens (NFTs) for copyright protection.
According to local publication FN News, the Korean Intellectual Property Office has registered Koong World’s patent number 1023882330000, which describes “a method for providing services to a music platform using blockchain-based NFTs.”
“This patent marks the beginning of full copyright protection in the emerging music market,” said Koong World CEO Kim Han-jo.
Platform users can share music directly, with 80% of the proceeds shared between the creators of the works. Traditional platforms in South Korea are often criticized for only receiving 20% of revenue from creators, with up to 35% going into the platforms wallet.
The NFT market for Koong World will be created by blockchain solutions developer Nia Labs.
In February, it was reported that pop star John Roger Stephens, aka John Legend, would launch the “OurSong” platform, through which musicians and artists would be able to create NFTs and monetize their creations.
Source: Bits
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