Pirated digital works are making it increasingly difficult for creators to protect and monetize their work. The Elrond blockchain and non-fungible tokens make it possible to acquire products from artists and software providers and securely determine ownership.

NFT and SFT 

Non-fungible tokens (NFTs) are unique, non-divisible digital assets. They can be understood as a certificate of ownership and uniquely link digital works to their owner. With NFTs, artists can monetize and sell works such as music, videos, animations, photos, and collectibles worldwide. NFTs solve two key problems of the digital art market: counterfeiting and trading stolen works. 

With the sale of a tokenized artwork worth $69 million, auction house Christie’s recently solidified NFT’s role in popular culture as well as among traditional art collectors. Unlike the NFT, the semi-fungible token does not represent a single asset, but rather represents an entire asset class. In an online game, for example, the ownership of a suit of armor can be represented in this way. Individual components, such as a sword, can still be traded separately.

The Elrond blockchain for art, gaming and entertainment 

The potential applications of the Elrond Blockchain for the creative scene are as diverse as they are visionary. You too can rely on the technology of tomorrow with the blockchain.

Blockchain and major events 

Safety is a top priority at events. Data collected via sensors can be used, for example, to analyze the flow of people, control digital guidance systems and keep escape routes clear. Personalized wristbands could be used to target advertising at the event site to the audience. The resulting data can be securely stored on the Elrond blockchain and used by AI and big data applications for further analysis.

Blockchain, royalties, profit sharing

With the Elrond blockchain, license agreements can be embedded directly in the code. In this way, artists, owners or authors can automatically collect predefined license fees for each sale – of a piece of music, for example. Copyrights can be transferred and copyright communities can be defined via a smart contract. Proceeds are automatically distributed to individual authors or the collective.

Blockchain & Tickets

With the help of NFT, tickets for events can be digitized. Since NFTs are stored on the blockchain, they are absolutely forgery-proof and can be clearly assigned to the buyer or owner. The options for reselling or giving away the tickets are regulated in the smart contract. Fraudulent activities are eliminated.

Blockchain, gaming, virtual & augmented reality 

The games market is growing unceasingly. In most cases, the database with information about the player is held by the game provider. Players themselves have no ownership rights to their accounts and virtual items. There is also the technical risk of failures, manipulation, and hacker attacks. 
With the Elrond blockchain and its NFTs, ownership rights to skins, equipment, and characters can be permanently transferred to players. Items can be developed and traded on a peer-to-peer basis. Virtual and augmented reality Digital vehicles, spaces, lands, experiences and more can be paid for with digital tokens. This also applies to assets between applications hosted on the same blockchain.

Blockchain and creative rights

Year after year, millions of musical works are registered with performance rights organizations like the GEMA in Germany. Blockchain technology streamlines the associated administrative and technical processes. As such, reporting on the use of licensed music can be automated and license fees can be settled via the blockchain.

Istari Vision

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