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South Korean Music Sharing Platform Registers NFT Music Theft Prevention Patent

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A South Korean music sharing platform, Koong World, lately introduced the registration of a non-fungible token (NFT)-based music theft prevention patent. Utilizing this patent, the music sharing platform goals to “clear up the issue of copyright safety within the quickly rising music market.”

Tackling the Drawback of Copyright Infringement within the Music Trade

A South Korean peer-to-peer music sharing platform, Koong World, lately registered an anti-music theft patent with the Korean Mental Property Workplace, a report has mentioned. Kung World says the patent will allow it to resolve the problem of copyright infringement within the music business.

The registration of the patent comes lower than a yr after the launch of the music-sharing platform itself. Since its launch in 2021, the platform now boasts over 2 million members and over 40,000 registered songs.

In accordance with a report by Forkast, Koong World was awarded a patent registration by the Korean Mental Property Workplace on April 14, 2021. One other report by FN Information mentioned the patent is for “a technique of offering companies carried out on a server of a music platform utilizing blockchain-based NFT.”

Growth of an Open Ecosystem

In his feedback following the registration of the patent, Kim Han-jo, the chairman of Koong World, defined how the patent helps artists shield their mental property. The chairman mentioned:

Based mostly on this patent, we’re offering a chance to resolve the issue of copyright safety within the quickly rising music market, and on the identical time apply digital certificates to all merchandise in e-commerce, which has turn into an issue in on-line product transactions. We plan to launch a know-how to resolve the counterfeit controversy quickly.

The chairman additionally hinted that the success of the patent hinges on the event of an open ecosystem that “makes use of all on-line merchandise together with music and monetary companies, and obtain honest compensation.”

The report mentioned Koong World’s NFT patent, which has been described as the primary of its sort, is predicted to assist “assure” earnings that accrue to music creators.

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