Nevada Patent of the Month – June 2024

TuneGO, Inc. is powering the future of music with a new blockchain system. The company’s newly patented NFT technology aims to revolutionize how royalties are calculated and distributed in the creation and sale of NFTs associated with media content. 

This cutting-edge approach leverages a digital vault to meticulously track the creation and collaboration phases of media content, involving multiple creators. By determining and storing the ownership percentages for each contributor, the digital vault ensures that each creator’s share is accurately recorded and preserved.

When an NFT is minted, this system converts the media content into a digital asset on a blockchain, embedding the predefined royalty percentages into the NFT. This process guarantees that ownership data and royalty shares are permanently and immutably recorded. Once the NFT is sold, the system automatically initiates payment transactions based on these percentages, ensuring that all creators are promptly compensated according to their contributions.

Additionally, the digital vault stores all relevant data in a decentralized ledger, which cannot be edited or deleted, safeguarding the integrity of the content and its associated rights. Creators and NFT owners receive alerts about transactions, maintaining transparency and real-time updates on royalty distributions.

This method addresses critical challenges in the media industry, such as recognizing and compensating all contributors fairly, managing complex ownership rights, and ensuring accurate and tamper-proof records of media content. By integrating blockchain technology and smart contracts, TuneGO’s invention provides a robust and transparent solution for managing media rights and royalties in the digital age. This not only enhances trust and efficiency in the industry but also empowers creators by giving them a secure and reliable way to monetize their work through NFTs.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

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