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Sunday, June 4, 2023

South Korean Music Sharing Platform Registers NFT Music Theft Prevention Patent

South Korean Music Sharing Platform Registers NFT Music Theft Prevention Patent – Koong World, which is a South Korean music sharing network, has just filed a non-fungible token-based music theft prevention patent. The music sharing platform intends to use this invention to “address the challenge of copyright protection in the constantly developing music market.”

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According to a source, Koong World, a South Korean peer-to-peer music sharing network, 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 violation in the music industry.

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The patent was registered less than a year after the start of the music-sharing network itself. Since its inception in 2021, the site 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 means of offering services performed on a music platform’s server using blockchain-based NFT.

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Kim Han-jo, the chairman of Koong World, detailed how the patent helps artists safeguard their intellectual property in his comments following the patent’s registration. According to the chairman:

“We are presenting a solution to the issue of copyright protection in the rapidly expanding music sector based on this patent, while also connecting digital certificates to every product in e-commerce, that has become a concern in online product transactions.”

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South Korean Music Sharing Platform Registers NFT Music Theft Prevention Patent – The chairman also hinted that the patent’s success is dependent on the creation of an open ecosystem in which all internet items, including music and financial services, are used and fairly compensated.”

According to the publication, Koong World’s NFT patent, which has been billed as the first of its type, is anticipated to ensure earnings to music creators.

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