Koong World, a South Korean music sharing platform, recently announced the filing of a non-fungible token (NFT)-based music theft prevention patent. The music sharing platform intends to use this patent to “solve the problem of copyright protection in the rapidly growing music market.”
Dealing with the Issue of Copyright Infringement in the Music Industry
According to a report, Koong World, a South Korean peer-to-peer music sharing platform, recently registered an anti-music theft patent with the Korean Intellectual Property Office. According to Kung World, the patent will allow it to address the issue of copyright infringement in the music industry.
The patent was registered less than a year after the launch of the music-sharing platform itself. Since its inception in 2021, the platform has grown to over 2 million members and 40,000 registered songs.
According to Forkast, the Korean Intellectual Property Office granted Koong World a patent registration on April 14, 2021. According to FN News, the patent is for “a method of providing services performed on a music platform’s server using blockchain-based NFT
Formation of an Open Ecosystem
Kim Han-jo, the chairman of Koong World, explained how the patent helps artists protect their intellectual property in his comments following the patent’s registration. According to the chairman:
“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 patent’s success is dependent on the creation of an open ecosystem in which “all online products, including music and financial services, are used and fairly compensated.”
According to the report, Koong World’s NFT patent, which has been billed as the first of its type, is anticipated to “ensure” earnings to music composers.