https://ift.tt/p8Ueoxc A South Korean music sharing platform, Koong World, recently announced the registration of a non-fungible token (NF...
A South Korean music sharing platform, Koong World, recently announced the registration of a non-fungible token (NFT)-based music theft prevention patent. Using this patent, the music sharing platform aims to “solve the problem of copyright protection in the rapidly growing music market.”
Tackling the Problem of Copyright Infringement in the Music Industry
A South Korean peer-to-peer music sharing platform, Koong World, recently registered an anti-music theft patent with the Korean Intellectual Property Office, a report has said. Kung World says the patent will enable it to solve the challenge of copyright infringement in the music industry.
The registration of the patent comes less than a year 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.
According to a report by Forkast, Koong World was awarded a patent registration by the Korean Intellectual Property Office on April 14, 2021. Another report by FN News said the patent is for “a method of providing services performed on a server of a music platform using blockchain-based NFT.”
Development of an Open Ecosystem
In his comments following the registration of the patent, Kim Han-jo, the chairman of Koong World, explained how the patent helps artists protect their intellectual property. The chairman said:
Based on this patent, we are providing an opportunity to solve the problem of copyright protection in the rapidly growing music market, and at the same time apply digital certificates to all products in e-commerce, which has become a problem in online product transactions. We plan to release a technology to resolve the counterfeit controversy soon.
The chairman also hinted that the success of the patent hinges on the development of an open ecosystem that “utilizes all online products including music and financial services, and receive fair compensation.”
The report said Koong World’s NFT patent, which has been described as the first of its kind, is expected to help “guarantee” profits that accrue to music creators.
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