INTRODUCTION TO DIGITAL RIGHTS MANAGEMENT
In the digital world. So many copyrighted works are pirated because they are easy to keep and copy. The piracy rate is high because the online digital content service has become more and more easily accessible and it has resulted in the excessive spreading of contents without rights protection that would hurt the content providers and causes business losses. In order to solve this problem, blockchain-based Digital Rights Management is introduced that protects the rights of the digital content creator. Digital Rights Management provides trusted, high-level credible content protection and conditional traceability of violation contact service.
NFT FOR DIGITAL RIGHTS MANAGEMENT:
Non-Fungible Tokens are used to verify unique items such as digital arts and digital ownership certifications. Digital Rights Management platform RAIR wants to use NFTs to manage digital rights. The company provides a blockchain-based digital rights management platform and middleware encryption to initiate digital scarcity. NFT Digital Rights Management platform wants the creator to upload media contents such as video, books, music, source code or art on the RAIR platform, stored in a Non-Fungible Token. The creators could authorize, possess and take in-charge of the distribution of their work all around the world. This enables them to raise enough money from both trades and royalties. The company has asserted that the owners can take 90% of the revenue and the remaining 10% will be taken by the node owners. It yearns to make Non-Fungible Tokens act as a content store that monetises the work added on the nodes.
FUNCTIONING OF NFT DIGITAL RIGHTS MANAGEMENT:
The content owners may upload their works like video, books, music, code source, etc, onto the platform which will be stored inside a Non-Fungible Token. Simultaneously brand new tokens are conceived for each piece of content they upload. Thus, it allows the content creators to license and distribute their work via a streaming link that can be accessed from all browsers. The content owners own the control of the distribution of their work and they could earn money through sales, royalty payments and resales. Thus, it contributes to the objective by serving as an NFT Digital Rights Management platform.
WHY IMPLEMENTING NFT FOR DIGITAL RIGHTS MANAGEMENT IS EFFECTIVE?
We know that the company has asserted that the owners take 90% of the revenue and the remaining 10% would be taken by the node owners in the form of tokens for bestowing the hosting and streaming services. The smart contracts manage the royalties and fees on the NFT Digital Rights Management platform entirely. Since NFT is minted, smart contracts are involved. In the present year, implementing modern royalty logic directly into the Ethereum mainnet is not possible due to the hefty price of gas.
“When the transaction costs are low, royalties could be managed inside the NFT Digital Rights Management platform instead of Opensea or any other marketplaces“
FUTURE OF NFT DIGITAL RIGHTS MANAGEMENT PLATFORM:
At the present time, the number of dynamic creators functioning to conceive personalized subjects early to its live launch is less. It plans to facilitate the origin of high value NFT art. For instance, Nyan cat was sold for 300 ETH. It also plans to implement a video streaming link to the platform. The content owners now can add videos to the platforms and the nodes and if a buyer is interested in purchasing the video. After purchasing, the buyer would receive access to the provenance footage which shows proof of the authenticity of the NFT. NFT Digital Rights Management platform is the only DRM platform that delivers provenance to high-value NFT artwork.
“Like Tesla, starting with a low-volume-high-cost solution is the only product possible due to the technological constraints of Ethereum”
Rapid blockchains like Cardano, Telos, or NEAR are planned to put in use in the late quarter of 2021. Once the mainnet is introduced, gradually, the platform is hoped to gauge enhanced throughput blockchains, through which services such as ebooks, music albums or podcast are feasible at a much lower cost.
DEVELOPMENT OF NFT FOR DIGITAL RIGHTS MANAGEMENT :
Undeniably, NFTs will play a very crucial role in the future of Digital Rights Management. They perfectly suit the rights of the management and believed to take it to the next level. By developing the current Digital Rights Management platform for NFT, it eliminates the middle party existence by making the transaction between the parties smooth, transparent and easy. The development of DRM platforms paves the way for new ideations like a rapid blockchain system which reduces the gas fee for processing transactions in the marketplace. If this happens, the creators could list the low-cost items for sale which would be secured by the NFT at a very affordable price.
“The potential of Non-Fungible Token is rising day by day as it serves as the base for solving all the conventional shortcomings. Any feature that would reduce the transaction fee will definitely benefit the creators”
WHY BLOCKCHAIN APP FACTORY IS THE PERFECT CHOICE TO DEVELOP A NFT FOR DIGITAL RIGHTS MANAGEMENT PLATFORM?
In order to achieve these desired outcomes, a Digital Rights Management development company must be involved and Blockchain App Factory is the most trusted development company in the globe in terms of developing NFT for Digital Rights Management platforms. We offer a robust DRM development platform that enables high traffic and withstand catastrophic failures. As Blockchain Technology is named for its transparency, we inherit the same features in our ecosystem. Each development process in the life cycle will be clear and transparent. Our proficient team analyses your requirements and designs an interactive UI for a better user experience. The platform will be developed based on your requirements specification. We offer a customization service that can be tailored to the user’s requirements and our primary attribute is that we launch your platform on time without any complexities and delay.