A South Korean patent has been granted to Koong World, which uses non-fungible tokens (NFTs) and sound source information to allow artists to post and share their works without fear of copyright infringement on its website.
On April 14, the Korean Intellectual Property Office granted Koong World patent registration 1023882330000 for “Service providing method performing server of music platform using NFT based on blockchain.”
In a media source, Kim Han-jo, music director and CEO of Koong World, was quoted as saying, “This patent symbolizes the commencement of copyright protection in the rising music market.”
Koong World, which began in 2021, is a peer-to-peer music trade platform that distributes 80% of earnings to artists in the form of royalties.
South Korean streaming services have been chastised for what some see as unequal revenue distribution structures, in which copyright holders often receive less than 20% of revenue distributions, while platforms typically receive a 35% share of income.
Last year, Koong World signed an MOU with blockchain company Nia Labs to develop NFT marketplace services for its platform.
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