South Korea decides to use NFT for copyright

Representatives of the South Korean company Koong World said that they managed to get a rather unusual patent in the country. They became the owners of a document that gives them the right to use non-fungible tokens (NFTs) on their music streaming platform.

These virtual assets will act as a repository of information about sound sources, allowing authors and musicians to upload and share their work on the platform without fear of infringement of their copyrights.

The Korean Intellectual Property Office has awarded Koong World patent registration number 1023882330000. From now on, the startup has received the right to provide music platform server services using NFT based on blockchain technology. This patent marks the beginning of an era of copyright protection in the growing music market, according to the company’s management.

Last year, Koong World signed a joint development memorandum with blockchain startup Nia Labs to build NFT market services for its own platform.

Director of Koong World Kim Han Jo assured that this will be a major milestone in the development of the entire music industry, not only in South Korea, but throughout the world. Integration with NFT technology will help make significant progress for business development and helping musicians.

He noted that his site was created about a year ago, but has already gained immense popularity in the country. The peer-to-peer content trading platform has attracted a large number of musicians due to the fact that it fairly distributes 80% of sales revenue in the form of royalties to artists.

Earlier edition informed that the South Korean government decided to invest $187 million in the development of the infrastructure of the national metaverse.

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