NFTs are a wonderful thing for artists. They've democratized art in a way that has never been seen before. Yet, the NFT community has acknowledged that something is missing, namely, that there are scant few NFTs music platforms out there.
Yes, there is some awesome artwork, amazing graphics, fun, and endearing gifs out there. However, when it comes to music, the gap is striking.
So here’s the good news — music icon John Legend has announced that he will be launching his own NFT platform called Meet OurSong. For many, this is awesome news for those in the NFT community who have been waiting for such a thing.
With growing popularity, NFTs which stands for Non-Fungible Tokens are a great way for artists to express and sell their art. They have become everything artists didn't know they needed until this concept emerged out of the shadows in 2017.
NFTs are unique and cannot be replaced or replicated.
This as opposed to cryptocurrencies, like bitcoin or Ethereum. These tokens are fungible — they can be split and exchanged for something else. With NFTs, that's not possible because what you're getting is a unique piece.
Yes, you may find copies of NFT artwork here and there. But at the end of the day, they are nothing more than mere copies with the blockchain validating you as the holder of that art piece. Once you know this, it's impossible not to see how musical artists could benefit from this technology.
However, the narrative with NFTs and music is a bit different. There have been several attempts to introduce music on NFTs platforms. One clear example is the surprising sale of a never-before-heard demo song from a 17-year-old Whitney Houston for $999,000. American Rock band Kings of Leon also released the first NFT-Music Album.
Yet, the attempts have been sporadic. And sadly, not everyone is interested.
What Is John Legend's OurSong?
OurSong allows musicians to create their own NFTs on the platform. These NFTs are called Vibes. It also allows them to monetize superfan communities through access to private chat rooms and unreleased music.
What makes OurSong special is that it does not require users to have a digital wallet. Normally, to use an NFTs platform, one would need one for security and to buy and sell.
The Tech and the People Behind OurSong
Now, how does it work, you might ask. The thing with the platform is that you can buy digital fan cards which can then be stored on-platform. They typically give users access to "clubs" based on the privilege of their cards.
The platform allows users to bid Vibes with USD directly. The exchange to Ether and transfer of NFT are fully automated. This removes a barrier for neophytes who are unfamiliar with cryptocurrencies.
Users can create NFTs through their phones, as the platform wants to keep the experience 100% mobile. This will allow users to tap into that unexpected spark of creativity by pulling out their phones and getting to work.
Legend will hold the position of Chief Impact Officer at the company. He is also expected to use his platform to engage both artists and fans.
He is joined by Chris Lin, who runs Taipei-based digital music service KKBOX. Twitch co-founder Kevin Lin will also be there as the CEO. Finally, Ken Cheung, former vice president of Warner Music's Asia Pacific division, will join the company.
Right now, most of the platform's users are Chinese. Yet, Legend is expected to attract Western audiences to the app.
We’ve already seen a few other artists participating in the NFT world. Justin Bieber recently bought a Bored Ape NFT. Snoop Dogg has his own collection of NFTs.
Grimes, Shawn Mendes, and K-Pop supergroup BTS have also ventured into the space. However, all have been entirely visual art pieces. John Legend is the first to launch a true NFTs platform.
The truth is that the music industry has certainly fallen behind the times. So will legend’s opportunity to revolutionize the music industry? Well, only time will tell. The one thing that we know is that if John Legend manages to scale OurSong, the world will see music as it has never been seen before.
