Koong World Will Use NFT For Copyright Protection
26 April 2022 13:50, UTC
The Korean Intellectual Property Office awarded Koong World patent registration 1023882330000 on April 14, which describes “service providing method performing server of music platform using NFT based on blockchain.”
Platform users can share music directly, with 80% of the proceeds shared between the creators and artists. Traditional platforms in South Korea are often criticized for only giving 20% of revenue to artists, while up to 35% of revenue goes to the platform's wallet.
Last year, Koong World signed an MoU with blockchain developer Nia Labs to build NFT marketplace services for its platform.
Image: Katadata