- IOTA’s new platform aims to revolutionize music rights management in films using NFTs and DLT
- It is part of the European Blockchain Services Infrastructure (EBSI) initiative
IOTA has introduced a platform designed to change the film industry’s music rights management system fundamentally.
The key features are based on Distributed Ledger Technology (DLT) and Non-Fungible Tokens (NFTs), enabling information transparency and automated resource distribution.
IOTA’s Innovative Use of NFTs for Music Rights Management
Managing rights in the music industry is extremely complex due to the large number of intermediaries, and when music needs to be used in films, the complexity becomes so high that it hampers production.
Additionally, rights in these industries are often considered unfair, non-transparent, and inconsistent between authors, studios, and other parties. Or, they may be ineffective and not very protective against piracy.
However, some technologies like NFTs, despite experiencing a downturn, have the potential to fundamentally solve many problems in the music, film, and gaming industries, as demonstrated by examples like Sony.
IOTA aims to leverage this and address many issues by offering an NFT platform for implementing and automating contracts, royalty payments, and rights management. This ensures that payments to all parties are agreed upon and mandatory when a digital product is used.
Furthermore, it is built on DLT to ensure that no party can interfere with the process of initially agreed conditions, create delays, or block access to relevant data.
Why Is IOTA’s Initiative More Important Than It Seems?
The fact is that IOTA is implementing a broad strategy as part of the European Blockchain Services Infrastructure (EBSI) Pre-Commercial Procurement (PCP).
It is also funded by the European Commission, which has long approval times for programs and tends to invest only in projects that promise long-term prospects.
Conclusions
It suggests that the developments of individual projects using NFTs for more transparent, coordinated, and fair distribution of funds in various media industries have shown their potential and can now be used with a different approach to achieve these goals globally.
This may give NFTs a second wind, allowing them to occupy the position they initially aimed for in solving key issues of trust and transparency between large media companies, content creators, and other participants.
