NFT will be used to protect copyright in Italy
The Italian Society of Authors and Publishers (SIAE) and Algorand, plan to create a blockchain platform in order to protect copyright in Italy through non-fungible tokens (NFT).
According to the information that was disclosed this March 24 through a statement, this strategic union will allow copyright to be represented through digital assets.
In this sense, The Italian Society of Authors and Publishers posted on its Twitter account: “SIAE, together with Algorand, are embracing the future, exploring the new opportunities offered by blockchain technology to continue the mission of protecting creativity.”
The document mentions that, during this week, more than 4 million NFTs were created that will digitally represent the rights of more than 95 thousand member authors of this organization.
And it is that the SIAE foresees the future of the industry as follows: «The dig italization of these rights on a decentralized blockchain is the first requirement to build an open infrastructure capable of protecting authors’ rights from end to end. ”
They explain that NFTs are a type of digital asset registered on a blockchain and will be used for the first time to represent the copyrights of its members. However, in the broadest sense, non-fungible tokens are digital assets or tokenized versions of the real world that have the particularity of not being interchangeable with each other and can function as proof of authenticity and ownership of the digital world.
We are not interested in building technological infrastructures to generate profits. Instead, our goal has been and always will be to create a value addition for our members. That is why we can afford to talk about open infrastructures and make all our knowledge available to the community. Blockchain technology is undoubtedly an interesting line to continue exploring due to its transparency and efficiency by design and characteristics, which are fundamental for those who, like us, manage a person’s hard work salary.
The press release indicates that SIAE, founded in Milan in 1882, is a public institution specialized in copyright management. They occupy the sixth place in the ranking worldwide of entities of this type, according to data from the Global Collections Report 2020
Through these NFTs, SIAE and Algorand seek to protect the copyright of musicians who live on royalties from their works. The statement says that, with the transition to the platform blockchain, “will rapidly and profoundly change the business models of intermediaries in the management of rights and content.”
Blandini’s approach with which Professor Silvio Micali, founder of Algorand, agrees.
SIAE has given life to an ambitious project, where transparency and simplicity in data management are becoming a new reality for your industry. SIAE is a forward-thinking organization that will open up new opportunities as they build the foundations for new economic models. I am delighted to have SIAE as a part of the Algorand ecosystem as they embrace the scalability, efficiency and security of Algorand.
Silvio Micali, founder of Algorand.
The blockchain developed by Algorand, according to the press release, provides interoperability and the ability to handle the volume of transactions that institutions and governments need.
NFT may also violate copyright
Copyright is not only at risk in musical or literary works, but it has also been extended in the sale of superhero figures converted into non-fungible tokens. For example, the publisher DC Comics considers that the intellectual property of the figures under its license is being put at risk.
As reported by CriptoNoticias this March 15, the company warned that the marketing of NFTs that include proprietary licensed images is not allowed. In any case, they clarify that “until now there is no reasonable definition, at a legal level, on the legal implications of converting drawings and works with intellectual property into non-fungible tokens.”
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