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).
https://www.algorand.com/resources/news/siae-launches-4-million-nfts-on-algorand-for-creators
submitted by /u/estantef
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