Algorand and Italy's non-profit copyright agency, SIAE, have announced in a joint press conference that, for the first time, copyrights are being maintained as digital assets on the Algorand blockchain.
SIAE is the copyright collecting agency in Italy. Founded in the late 1800s, it is an intermediary between the authors of art and consumers of art. The SIAE manages royalty collections and is in charge of protecting artists' work, and paying out to artists what they've earned.
SIAE, together with Algorand, this week minted 4 million NFTs representing the copyrighted works of more than 95,000 artists. By digiting the rights and tokenizing them on a blockchain, the SIAE can effortlessly distribute member art and collect royalties to be paid back to their artists.
Though this project started in Italy, it has worldwide implications. As the first time previously copyrighted works are being represented on blockchain, this project could act as a test run for other governments and copyright agencies across the world to begin managing assets digitally.
The Algo Post has previously written about the use of blockchains like Algorand to protect artists' works and secure royalty transactions. You can read more in our article Royalty and Crypto: Streaming in the Blockchain.
You can read more about the SIAE here.
Stay tuned to The Algo Post. We'll be covering the press conference from Italy by the SIAE, as they reveal more information on their plans for protecting artwork using blockchain technology.
— The Algo Post
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