John Legend Company Raises $ 7.5 Million NFT Community-Based Music Forum
by Tadas Klimasevskis
April 29, 2022
A few months ago the music industry was amazed when 'Our Happy Company', led by John Legend and CEO of 'KKBOX' Chris Lin, launched 'OurSong', a new NFT music platform, focused on simplifying the monetization process. independent music artists around the world.
Yesterday the music world received some very good news, as it was revealed that Our Happy Company had raised $ 7.5 million in seed funds to upgrade OurSong infrastructure and educate artists about NFTs.
Community-Based Music Forums vs. Broadcast Services
Terry Leong, the founder of the NFT blockchain-based music platform, explained: "The idea of ??collecting, building, and communicating holds great hopes not only in the music industry but in many of the traditional content industries."
Bringing a sense of community to the music scene may help artists overcome the common problems of major broadcasters, who have dominated the game since 2016.
Platforms like Spotify and Apple Music do not offer options for their customers to connect with their favorite artists. Some music streaming platforms, such as SoundCloud, has adopted a community-based approach, which allows their fans to drop comments and send direct messages to their favorite creators, but still suffer from apparent major problems with monetization options and monetization policies.
An Important Step for Web3 Creator Economy
John Legend encourages stage users to “monetize your videos” - meaning music artists can download and install the wrong app on their Android or iPhone devices, easily integrate their music and artwork into NFT, and sell them. for the price they choose from the app's native token, OurSong Dollar (OSD). The app is compatible with Ethereum, Thundercore, and Binance Chain.
While creating NFTs using smart contracts can be a challenge for many artists, OurSong provides an easy-to-use interface and also plays an NFTs minter in-app. As a result, the NFT platform already has more than 150,000 active users. Fans do not have to hold any crypto, as they can also choose to purchase NFTs using a credit or bank card. At that point, creators at OurSong can request payments on their preferred crypto wallet.
Yat Siu, the founder of Animoca Brands, said the company was delighted to support the platform: “One of the key requirements of the open metaverse is that it must provide an equitable system for creators. It was also agreed that educating people about NFTs and Web 3.0 will likely result in “greater levels of success” for musicians and creators as a whole.
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