Ava Labs Harnesses Avalanche Blockchain for K-pop Artist Intellectual Property Management
Summary:
Ava Labs is proposing a solution to South Korean K-pop artists using Avalanche blockchain for intellectual property management. This comes amidst reports of the K-pop industry's anticipated worth of $20 billion by 2031. The firm is focusing on transparency and efficiency to better serve artists who face issues like underpayment and underreporting of sales. Amid the changing landscape of digital rights management, platforms like Overlai and Audius are also being used to protect intellectual property rights, specifically from copyright violations and unauthorized use. Examples of the music industry's adoption of blockchain also include the release of unique music by Ghostface Killah of Wu-Tang Clan, and the distribution of non-fungible tokens (NFTs) by the band Megadeth.
Ava Labs, the firm responsible for the Avalanche blockchain, is utilizing its system to offer intellectual property solutions to K-pop artists in South Korea. Allied Research forecasts that the K-pop industry, including ticket sales, sponsorships, and merchandise, could be worth up to $20 billion by 2031. Ava Labs' South Korean branch head, Justin Kim, in an interview with DL News, emphasized the necessity of safeguarding artists and how blockchain technology can bring unmatched transparency and efficiency, especially for artists who usually receive less income from record labels. The same difficulties are seen in live performances and events, where artists' profits can be diminished by venues and ticketing agencies through the under-reporting of ticket sales.
There is a renewed emphasis on securing intellectual property rights in the 21st century, as artists grapple with guarding their work from conventional copyright infringements, unauthorized utilization, and artificially intelligent programs trawling the internet for content. Overlai, for instance, said issue for visual artists by embedding their images and videos’ metadata with an unseen watermark. This watermark is documented on the blockchain, creating an unalterable and irrefutable proof of ownership. Moreover, the software enables visual creators to withdraw from AI scraping.
Earlier, Cointelegraph had a conversation with Audius founders Roneil Rumburg and Forrest Browning to explore how blockchain could transform IP handling for musicians. They explained that Audius, a decentralized platform for music streaming and intellectual property management, assists recording artists to control their intellectual property with Audius' Web3 tools, while shielding them from the technical blockchain workings underneath. Like Overlai, Audius also has options to either allow or disallow AI scraping.
Earlier this year, Ghostface Killah from Wu-Tang Clan released unique music coupled with a Bitcoin Ordinals inscription, which also included a Creative Commons license granting inscription holders the right to sample or modify the music. In a similar way, the heavy metal band Megadeth minted and distributed non-fungible tokens, providing holders with exclusive experiences like personal interactions with band members, showing a powerful application of blockchain technology in the music sector.
Published At
6/25/2024 11:21:03 PM
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