Ava Labs, the corporate behind the layer-1 Avalanche blockchain, is leveraging its community to supply mental property administration options to South Korean Okay-pop artists.
Based on a report from Allied Analysis, the Okay-pop trade is projected to achieve a $20 billion valuation by 2031—a determine that features ticket gross sales, sponsorship offers, and merchandising.
Talking to DL Information, Justin Kim, the pinnacle of Ava Labs in South Korea, outlined the necessity for artist protections and the way blockchain know-how might supply unparalleled transparency and effectivity for artists who are sometimes underpaid by recording firms.
This downside extends to dwell music and occasions, the place venues and ticket processing firms can brief artist revenues by underreporting ticket gross sales—an age-old downside for the gigging musician.
Digital rights administration and artists within the twenty first century
Defending mental property rights has taken on new significance within the twenty first century, as artists should now wrestle with defending their creations from conventional copyright violations and unauthorized use, in addition to artificially clever packages that scour the web searching for content material for coaching functions.
Associated: Konami partners with Avalanche for Resella NFT platform launch.
Platforms like Overlai deal with this downside for visible artists by embedding the metadata of pictures and movies with an invisible watermark. This watermark is then recorded to the blockchain, establishing an immutable and indeniable document of possession. Moreover, the software program resolution permits visible content material creators to decide out of AI scraping.
Earlier this yr, Cointelegraph additionally interviewed Audius founders Roneil Rumburg and Forrest Browning to raised perceive how blockchain might revolutionize IP management for musicians.
The pair defined that Audius, a decentralized music streaming and mental property administration platform, might help recording artists take command of their mental property with Audius’ Web3 instruments, with out exposing them to the technical onchain mechanics below the hood. Like Overlai, Audius additionally options tags to decide in or out of AI scraping.
Business legends leverage blockchain
Earlier this yr, Ghostface Killah of the Wu-Tang Clan released original music that includes a Bitcoin Ordinals inscription. The ordinal mint included a Artistic Commons license permitting holders of the inscriptions to pattern the music or alter it as they see match.
Legendary heavy steel group Megadeth likewise minted and distributed non-fungible tokens to supply holders with exclusive experiences like one-on-one meet and greets with the band members, showcasing a robust use case for blockchain know-how within the music trade.
Journal: Is this the best NFT collection in the world? DCinvestor, NFT Collector.
