The indescribable symbol fever of the last few months is attracting the attention of copyright authorities. One of them, based in Italy, chose a blockchain company to build its own NFTs.
SIAE expects to receive copyright protection from the NFT for the next 139 years
According to the report, the Società Italiana degli Autori Editori (SIAE), a publishing company founded in 1883, chose Algoranda to manage the rights of more than 95,000 authors in the form of unreadable tokens. Both parties have been working on the project since 2019, according to the memoranda.
Initially, 4 million NMT were created, representing the rights of each SIAE author. By digitizing these rights on blockchain technology, SIAE allows creators to offer global copyright protection on a transparent and open infrastructure.
Gaetano Blandini, Director General of the SIAE, stated that the initiative is designed to ensure protection for the next 139 years. He added:
We are not interested in creating technology infrastructure for profit. On the contrary, our goal has always been to create added value for our members. That is why we can talk about open infrastructures and why we put all our know-how at the disposal of the community. Blockchain technology is certainly an interesting area to explore further because it offers – inherently – transparency and efficiency – fundamental features for those of us who manage payroll from the hard work of others.
Can NPFs become game leaders in copyright management?
Moreover, Italy’s largest collective management organisation predicts that such a decision will open the door to a transition to new blockchain-based platforms that will rapidly and dramatically change rights management business models.
Silvio Micali, an MIT professor and founder of Algorand, is optimistic about using NFT to address copyright issues, and SIAE’s move could also be a game changer for the industry:
SIAE has launched an ambitious project where transparency and simplicity of data management will become a new reality for their sector. The SIAE is a visionary organization that opens up new opportunities by laying the groundwork for new business models.
What do you think about the use of NFT for copyright management? Let us know your comments in the section below.
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