[Courtesy of KT]
SEOUL -- South Korea's leading telecom company KT has formed a consortium with a provincial government to develop a blockchain-based media platform using non-fungible token technology that would help performing artists make a profit and claim rights to their content.
A non-fungible token (NFT) is a unit of data stored on a blockchain network of interlinked virtual ledgers. It is similar to warranty certificates that come with luxury goods. Each NFT is certified by a blockchain as a unique digital asset that is not interchangeable. NFT can be used to represent different types of digital media such as video clips and digital files.
A COVID-19 pandemic has caused a slump in South Korea's performing arts industry. Almost all offline performances have been canceled. Only a small number of popular artists earned income through online concerts while many other artists remain inactive or find new jobs.
KT and Gyeonggi Province formed a consortium that would carry out a state-funded blockchain demonstration to set up a blockchain platform for performing artists. "This project will be a good example of a blockchain for authenticating the ownership of media content in the performing arts sector," KT's artificial intelligence and digital transformation business division head Lim Chae-hwan said in a statement on May 31.
Gyeonggi operates an online concert service to help artists. However, it is hard to protect artists' intellectual property and content ownership. The consortium's new platform will be based on "GiGA Chain," KT's backend-as-a-service (BaaS)-type blockchain development platform, and an NFT system. KT said the platform will be upgraded to an over-the-top (OTT) platform.
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