Ava Labs, the company responsible for the layer-1 Avalanche blockchain, is using its network to offer intellectual property management solutions to K-pop artists in South Korea.
According to a report from Allied Research, the K-pop industry is expected to reach a valuation of $20 billion by 2031, which includes ticket sales, sponsorship deals, and merchandising.
Justin Kim, the head of Ava Labs in South Korea, emphasized the importance of artist protections and how blockchain technology could provide unprecedented transparency and efficiency for underpaid artists. This issue also extends to live music and events, where venues and ticket processing companies can shortchange artists by underreporting ticket sales.
In the 21st century, protecting intellectual property rights has become increasingly important, as artists now have to contend with safeguarding their creations from traditional copyright violations, unauthorized use, and even artificially intelligent programs that scour the internet for content for training purposes.
Platforms like Overlai address this issue for visual artists by embedding images and videos with an invisible watermark that is recorded to the blockchain, creating an immutable record of ownership. Additionally, the software allows content creators to opt out of AI scraping.
Cointelegraph also spoke with Audius founders Roneil Rumburg and Forrest Browning, who explained how blockchain could transform IP management for musicians. Audius, a decentralized music streaming and intellectual property management platform, provides tools for artists to take control of their intellectual property without needing to understand the technical onchain mechanics. Like Overlai, Audius also offers tags to opt in or out of AI scraping.
Earlier this year, Ghostface Killah of the Wu-Tang Clan released original music featuring a Bitcoin Ordinals inscription, while Megadeth minted and distributed non-fungible tokens to provide exclusive experiences to holders, demonstrating the potential of blockchain technology in the music industry.