Ava Labs, the company behind first-layer Avalanche blockchain technology, leverages its network to provide intellectual property management solutions to South Korean pop artists.
According to a report from Allied Research, the K-pop industry is expected to be worth $20 billion by 2031, a figure that includes ticket sales, sponsorship deals and promotion.
Speaking to DL News, Justin Kim, President of Ava Labs in South Korea, explained the need to protect artists and how blockchain technology can provide unparalleled transparency and efficiency to artists who are often underpaid by record companies.
This problem extends to live music and events, where venues and ticketing companies can underreport artist income by underreporting ticket sales – a long-standing problem facing musicians who produce.
Digital rights management and artists in the 21st century
Protecting intellectual property rights has taken on new importance in the 21st century, as artists must now fight to protect their creations from traditional copyright infringement and unauthorized use, as well as from artificial intelligence programs who scour the Internet for content for training purposes.
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Platforms like Overlai solve this problem for visual artists by including image and video metadata with an invisible watermark. This watermark is then recorded on the blockchain, creating an immutable and indisputable record of ownership. Additionally, the software solution allows visual content creators to opt out of AI extraction.
Earlier this year, Cointelegraph also interviewed Audios founders Ronnel Romburg and Forrest Browning to better understand how blockchain could revolutionize the management of musicians’ intellectual property.
The duo explained that Audius, a decentralized music streaming and intellectual property management platform, can help recording artists take control of their intellectual property using Audius Web3 tools, without exposing them to the mechanisms chain techniques under the hood. Like Overlai, Audius also offers flags to enable or disable the AI scraping process.
Industry legends leverage blockchain technology
Earlier this year, Wu-Tang Clan’s Ghostface Killah released original music featuring a Bitcoin Ordinals cameo. The Mint has included a Creative Commons license which allows Mint holders to experiment or modify the music as they see fit.
Similarly, legendary heavy metal band Megadeth created and distributed non-fungible tokens to provide their holders with exclusive experiences such as one-on-one meetings with band members, presenting a strong use case for blockchain technology in the music industry.
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