They will make an open infrastructure to protect the rights of SIAE members. The platform would turn the wheel for the business models that intermediaries use to handle copyright management.
The SIAE (The Italian Society of Authors and Publishers) and Algorand plan to create a blockchain platform with the sole intention to protect copyright in Italy through non-fungible tokens (NFT).
According to the information that appeared this March 24 through a statement, this strategic union will allow copyright to set its protection through digital assets.
The Italian Society of Authors and Publishers Posted the Following Statement on its Twitter account:
“The SIAE, together with Algorand, is embracing the future, exploring the new opportunities offered by blockchain technology to continue with the mission of protecting creativity.”
The document explains that, during this week, more than 4 million NFTs appeared and digitally represented the rights of more than 95 thousand authors who play a role as members of this organization.
And it is that the SIAE foresees the future of the industry in the following way: “The digitization of these rights in a decentralized blockchain is the first requirement to build an open infrastructure capable of protecting the rights of authors from end to end.”
The SIAE explains 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, non-fungible tokens are digital assets or tokenized versions of the natural world that have the particular feature of not being interchangeable and can also work as proof of authenticity and ownership of the digital world.
The press release also indicates that SIAE, which foundation was in Milan and dates from 1882, is a public institution that focuses on copyright management.
They occupy sixth place in the world ranking of organizations of this nature, according to data from the Global Collections Report 2020 and published by the International Confederation of Societies of Authors and Composers.
Through these NFTs, SIAE and Algorand intend to protect the copyright of musicians whose incomes are from royalties. The statement says that, with the transition to the blockchain platform, “the business models of intermediaries in the management of rights and content will change rapidly and in a profound way.”
NFT and the Risks Regarding Copyrights Violation
Copyright is a risk that goes beyond the musical world. It has also expanded in the sale of superhero figures converted into non-expendable tokens and even into cinema. Instead, the DC Comics publisher believes that the statistics’ intellectual property under its license is at risk.
On March 15, the company warned that the commercialization of NFTs that include images with a proprietary license doesn’t have any allowance. Anyway, they clarify that “until now there is no reasonable definition, at a legal level, about the legal implications of converting drawings and works with intellectual property into non-fungible tokens.”
By: Jenson Nuñez
