[NFT Adoption] SIAE, Italy’s largest collective management organisation, represents authors’ rights as digital assets managed on the Algorand blockchain
Società Italiana degli Autori ed Editori (SIAE), the Italian major copyright collecting agency founded in 1882, and /r/AlgorandOfficial, a leading blockchain platform accelerating the convergence of decentralized and traditional finance, announce the first major milestone of a project to create a blockchain-based open platform that allows transparent and efficient management of authors' rights.
This week, more than 4 million NFTs (Non Fungible Tokens) were created that will digitally represent the rights of the more than 95,000 SIAE members authors. NFTs, a type of digital asset registered on blockchain, will thus be used for the first time represent author’s rights of SIAE members. Digitizing these rights on a decentralized and transparent public blockchain is the first requirement to build an open infrastructure able to protect author’s rights end-to-end, as envisioned by SIAE for the future of the industry.
During the upload process, Algorand's processed more than 14 million transactions in its network during a 24hr period. Each transaction in Algorand's chain costs 0.001 ALGO (around $0.001 dollars as of today's quote).
This massive volume had no impact in the chain's operations that maintained a transaction speed of around 4.5s/block and 1.100 TPS (transactions per second).
submitted by /u/estantef