Koong World has been awarded a South Korean patent that utilizes non-fungible tokens (NFTs) and sound source information to enable artists to upload and share their works on its platform without fear of copyright infringement.
See related article: What does Music have to do with NFTs?
Fast facts
- The Korean Intellectual Property Office awarded Koong World patent registration 1023882330000 on April 14 under the general description of “Service providing method performing server of music platform using NFT based on blockchain.”
- “This patent marks the start of copyright protection in the rising music market,” Kim Han-jo, music director and CEO of Koong World, was cited as saying in a media report.
- Koong World launched in 2021 is a peer-to-peer music trading platform which distributes 80% of revenue as royalty payments to artists.
- South Korean streaming services have been criticized for what some perceive as unfair revenue distribution models where copyright holders typically receive distributions of less than 20% of revenue, while the platforms typically receive a 35% share of revenue.
- Koong World signed a memorandum of understanding with blockchain developer Nia Labs last year to build NFT marketplace services for its platform.
See related article: NFTs and the music industry: Token gesture or transformative technology? | Part 1