Italian copyright agency selects Algorand to create over four million NFTs to represent author rights – Blockchain Bitcoin News
The non-fungible token fever observed in recent months has caught the attention of copyright management agencies. One of them based in Italy chose a blockchain company to create their own NFTs.
SIAE expects to maintain copyright protection with NFTs for the next 139 years
According to the announcement, the Società Italiana degli Autori ed Editori (SIAE), founded in 1883, selected Algorand to manage the rights of over 95,000 authors in the form of non-fungible tokens. Both parties have been working on the project since 2019, Algorand said.
In a first case, 4 million NFTs were created to represent the rights of selected SIAE authors. According to SIAE, by digitizing these rights for blockchain technology, authors could ensure that their copyrights are protected globally in a transparent, open infrastructure.
Gaetano Blandini, the general manager of SIAE, pointed out that the move aims to ensure protection for the next 139 years. He added:
We are not interested in building technological infrastructures in order to make a profit. Instead, our goal was and is to create added value for our members. That’s why we can afford to talk about open infrastructures and make all of our know-how available to the community. Blockchain technology is definitely an interesting area to explore further due to its transparency and efficiency – by nature. These roles are fundamental to those who, like us, manage salaries for the hard work of others.
Could NFTs be a game-changing game in the copyright management business?
In addition, Italy’s largest collective management organization predicts that such a move will open the doors for the transition to new blockchain-based platforms that will “rapidly and profoundly change business models in the rights management industry”.
Silvio Micali, MIT professor and founder of Algorand, is optimistic about the use of NFTs for coping with copyrights, and SIAE’s maneuver can also be “groundbreaking” in business:
SIAE has launched an ambitious project that will make transparency and simplicity in data management a new reality for their industry. SIAE is a future-oriented organization that opens up new opportunities to lay the foundations for new economic models.
What do you think of using NFTs to manage copyright? Let us know in the comments below.
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