The non-fungible token fever saw over the last rare months is infectious the copyright management agencies’ care. One of them, situated in Italy, has chosen a blockchain company to make its own NFTs.
SIAE Supposes to Guarantee Copyright Protection with NFTs for the Subsequent 139 Years
Rendering to the declaration, Società Italiana degli Autori ed Editori , originated in 1883, picked Algorand to manage the privileges of over 95K authors in the kind of non-fungible tokens. Both parties had been employed on the project since 2019, held Algorand.
In a first example, 4M NFTs were bent to represent designated SIAE authors’ rights. Per SIAE, by digitizing these rights on blockchain technology, authors could safeguard that their copyrights are worldwide protected on a transparent, open infrastructure.
Gaetano Blandini, the over-all manager of SIAE, pointed out that the move pursues to guarantee protection for the following 139 years. He additional:
We are not absorbed in building technological infrastructures to make profit. In its place, our aim has been and always will be to make value addition for our members. This is why we can have enough money to talk about open infrastructures and make all our know-how obtainable to the community. Blockchain technology is certainly an interesting strand to last traveling because of its transparency and competence – by design – features, which are fundamental for those who, like us, achieve the salary of other people’s firm work.
Might the NFTs Develop a ‘Game-Changing’ in the Copyright Management Business?
Furthermore, Italy’s main collective management organization estimates that such a move will open the doors to transition onto novel blockchain-based stages that “will quickly and profoundly alteration the business models” in the privileges management industry.
Silvio Micali, MIT Professor and founder of Algorand, is hopeful about the usage of NFTs to handle copyrights, and SIAE’s maneuver can also be “a game altering” in the business:
SIAE has transported a determined project to life, where transparency and ease in data management are becoming a novel reality for their industry. SIAE is a forward-thinking group that will open up new chances as they build the foundations for novel economic models.