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Elastos has announced the launch of Elacity DRM, a new digital rights management (DRM) tool designed specifically for Web3, focusing on video content creators.
Elacity DRM introduces an Access Economy Protocol (AEP) that combines non-fungible token (NFT) technology with decentralized DRM. This integration allows creators to share, monetize, and resell their content with defined scarcity, providing them direct control over their digital rights.
“In the Web2 world, centralized DRM has orchestrated a creative heist, stripping creators of their rightful control and revenues,” said Elacity CEO Sasha Mitchell in a press release shared with CryptoNews. “This has led to a landscape where the true value of digital assets is diminished, and the connection between creators and their audiences is hindered by layers of intermediaries.”
“We are empowering creators by reinstating their rightful ownership and control over their digital assets,” said Mitchell. “By leveraging blockchain and decentralized technologies, we are ensuring that digital assets are not only secure but also hold their true value in the Web3 era.”
The tool is based on the Elastos Smart Chain (ESC) and is EVM compatible, making it accessible to a broad range of creators on the Elastos SmartWeb.
Elastity DRM’s Future Developments
Initially focusing on video content, Elacity DRM caters to various applications, including independent filmmaking, educational materials, documentaries, and podcasting.
The platform is set to expand its capabilities to audio-only formats soon, encompassing music and audiobooks. Further extensions to include documents, gaming, and software capsules are planned for 2024.
One of the key advantages of Elacity DRM is its ability to enable creators to retain a significant portion of their revenue, over 95 percent, a stark contrast to the traditional Web2 models’ 30 to 55 percent range.