South Korean music platform Koong World recently announced the creation of a patent for technologies aimed at stopping music theft. These technologies are based on NFT tokens. By using this patent, the platform hopes to “solve the problem of copyright protection in the rapidly growing music market.”
The patent filing came less than a year after the launch of the music platform itself. Since its launch in 2021, the platform has over 2 million members and over 40,000 registered songs.
According to Forkast, Koong World received a patent registration from the Korean Intellectual Property Office on April 14. Another South Korean media outlet, FN News, reports that a patent has been issued for “a method for providing services running on a music platform server using blockchain-based NFTs.”
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Chairman of the Koong World platform, Kim Han-jo, was quick to explain how this technology will protect the copyright of artists:
“Based on this patent, we provide 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 goods in e-commerce, which has become a problem in online goods transactions. In the near future, we plan to release technology to combat piracy.”
The chairman of the platform also mentioned that the success of the initiative depends on the development of an open ecosystem that “uses all online products, including music and financial services, and receives fair compensation.”
Moreover, a report released by Koong World states that the new patent using NFT technologies will not only help in the fight for copyright, but will also give a 100% guarantee of profits received by music content creators.
