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John Legend’s Company Raises $7.5 Million for Community-Based Music NFT Platform -Breaking

by Mike Robinson

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John Legend’s Company Raises $7.5 Million for Community-Based Music NFT Platform

A couple of months ago the music industry was pleasantly surprised when ‘Our Happy Company’, led by John Legend and ‘KKBOX’ CEO Chris Lin, introduced ‘OurSong’, a brand new music NFT platform, focused on easing the process of monetization for independent music artists worldwide.

Yesterday the world of music received some more great news, as it was revealed that Our Happy Company raised $7.5 million in seed funds to develop OurSong’s infrastructure and educate artists about NFTs.

Streaming Services vs. Community-Based Music Services

Terry Leong, co-founder of a blockchain-based music NFT platform explained: “This idea of collecting, building community and engaging with the community holds a lot of prospects for not just the music industry, but a lot of traditional content industries.”

A community-based music platform can help artists overcome problems on streaming sites that have been dominating since 2016.

Spotify (NASDAQ) Music and Apple (NASDAQ) Music don’t offer any options to their users for connecting with their favourite artists. SoundCloud and other music streaming services have taken a community-centric approach. They allow users to leave comments and direct messages to favorite creators. However, they are still plagued by issues with transparency and policies regarding monetization.

A Critical Step in the Web3 Creator Economy

John Legend encourages users of the platform to “monetize your vibes” – meaning that music artists are able to download and install the OurSong app on their Android or iPhone devices, easily mint their music and artwork into NFTs, and sell them for a price of their choosing in the app’s native token, the OurSong Dollar (OSD). It is compatible with Etherum and Thundercore as well as the Binance Chain.

Although creating NFTs via smart contracts can be difficult for many artists, OurSong offers a simple interface that makes it easy to create them. It also has custody of NFTs you minter inside the app. This has resulted in the NFT platform having more than 150,000 registered users. Fans don’t necessarily have to hold any crypto either, as they can also choose to purchase NFTs using a credit or debit card. OurSong creators have the option to ask for payouts to the crypto wallet of their choice.

Yat Siu, co-founder of Animoca Brands, said that the company was happy to support the platform: “One of the fundamental requirements of the open metaverse is that it must provide a more equitable system for creators.” It is also agreed that educating people about NFTs and Web 3.0 is likely to result in “greater levels of success” for music performers and creators in general.

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