Gyeonggi-do Performing Arts Released as 'NFT'... Launch of Gyeonggi Arton Service

[Asia Economy (Suwon) = Reporter Lee Young-gyu] The online video platform "Gyeonggi ArtOn," built to protect artists' ownership of performance videos and fairly distribute revenue using blockchain technology, launched its service on the 2nd.

Gyeonggi ArtOn applies NFT (Non-Fungible Token) based on blockchain technology. Digital content can be infinitely replicated, and it is difficult to distinguish between originals and copies. However, by utilizing blockchain technology, the originality of digital content can be verified, ensuring fair revenue for artists who own the performance videos.

The operation method involves artists in the province from fields such as music, dance, theater, traditional arts, and multi-disciplinary arts filming their performance videos, after which the Gyeonggi Art Center registers them on Gyeonggi ArtOn and grants ownership of the videos to the respective artists in the form of NFTs.

When video consumers purchase and watch the performance videos, the revenue generated is settled with the artists accordingly.

Currently, over 230 performance videos from more than 110 artistic groups have been registered on Gyeonggi ArtOn.

This year, as a pilot project, the province plans to expand the platform’s reach by providing Gyeonggi ArtOn’s performance videos to schools affiliated with three institutions: Gyeonggi Provincial Office of Education, Gyeonggi Province Corporation, and Korea Childcare Promotion Institute, as well as to Gyeonggi public delivery apps and childcare centers.

The province plans to sell viewing rights to these institutions for artists’ revenue settlement and is considering providing services to the general public in the long term.

A provincial official emphasized, "Through Gyeonggi ArtOn, we will explore more ways to support artists by enabling the public consumption of Gyeonggi artists’ videos for public interest purposes and securing profitability through their utilization."

Meanwhile, the province formed a consortium with KT in May last year and was selected for the "2021 Blockchain Leading Pilot Project" led by the Korea Internet & Security Agency, which led to the promotion of this project.

This content was produced with the assistance of AI translation services.