The non-fungible token fever witnessed over the last few months is catching the copyright management agenciesâ€™ attention. One of them, located in Italy, has chosen a blockchain company to create its own NFTs.
SIAE Expects to Guarantee Copyright Protection With NFTs for the Next 139 Years
According to the announcement, SocietÃ Italiana degli Autori ed Editori (SIAE), founded in 1883, picked Algorand to manage the rights of over 95,000 authors in the form of non-fungible tokens. Both parties had been working on the project since 2019, said Algorand.
In a first instance, 4 million NFTs were created to represent selected SIAE authorsâ€™ rights. Per SIAE, by digitizing these rights on blockchain technology, authors could ensure that their copyrights are globally protected on a transparent, open infrastructure.
Gaetano Blandini, the general manager of SIAE, pointed out that the move seeks to guarantee protection for the next 139 years. He added:
Could the NFTs Become a â€˜Game-Changingâ€™ in the Copyright Management Business?
Moreover, Italyâ€™s largest collective management organization forecasts that such a move will open the doors to transition onto new blockchain-based platforms that â€œwill rapidly and profoundly change the business modelsâ€ in the rights management industry.
Silvio Micali, MIT Professor and founder of Algorand, is optimistic about the use of NFTs to handle copyrights, and SIAEâ€™s maneuver can also be â€œa game-changingâ€ in the business:
What are your thoughts on using NFTs to manage copyrights? Let us know in the comments section below.
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