The music industry's prominent rights-holders are rapidly taking action to protect their assets in the world of Web3.
In the wake of an explosive NFT scandal involving the sale of unlicensed musical content, Digital Content Protection, an anti-piracy group, has launched a service to help ensure the rights-holders are protected from copyright abuse in the metaverse.
Web 3.0 technology, including NFTs, has the ability to revolutionize the creator economy. However, in its current form, the field remains an unregulated Wild West. As Torrent Freak notes, Digital Content Protection is currently working alongside major labels Sony, Universal, and Warner in order to facilitate takedowns of unlicensed digital content.
"DCP uses a pool of experienced professionals and analysts along with a sophisticated IT infrastructure, that guarantee a multilevel approach for strategic digital asset protection, the development of the brand and for research and analysis of online phenomena," the company's website states.
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According to DappRadar, NFT sales in aggregate hit $25 billion in 2021. Looking deeper, sales volume jumped from $1.2 billion in Q1 to $11.6 billion in Q4 alone, a near tenfold increase in a matter of months. Given the meteoric rise of the medium, rights-holders are scrambling to protect their financial interests, paving the way for companies like Digital Content Protection to fill the gap.