NFTs have become more than a fashionable thing in the past few years. Particularly, in 2021, the NFT trading volume has grown to $13 billion from $33 million in 2020. This research data by The Block reports that the NFT market posted a whopping 43,000% growth in just a year. Following this growth, all the top players in the crypto industry have started working on their plans to integrate NFTs into their model. As of now, NFT is predominantly used in gaming and the metaverse. However, there is a separate trend that is working towards appropriating decentralization for artistic productions.
Recently, John Legend took to Twitter to announce his new ventures into the NFT market. This NFT platform will enable artists and entertainers to monetize their artworks with much efficiency. The American singer would be the Chief Impact Officer and the face of the new platform dedicated to music. As it is known, there is great demand for music in the NFT space, and several endorsements are in support of the decentralization of the market. Startups like this are expected to mitigate the influence of the few labels and pave the way towards true independence in music.
OurSong is a joint venture of the Grammy Award winner John Legend with several prominent names like Chris Lin from KKBOX, Kevin Lin from Twitch, and Matt Cheng from Cherubic Ventures. Through this platform, musicians and entertainers can monetize their artworks and original creative products through Non-fungible tokens or NFTs. NFT basically refers to the unique, indivisible items with a value. These tokens will act as digital certifications for the authenticity of the products and help artists determine their own value for the work.
Legend said, in an interview, that sharing one’s artwork will no longer be as intimidating and expensive as it used to be. Now, no one has to wait a long time to see how the world would react to and receive the art. He also added that there are cases where students are able to get the support needed to complete their education through their art, thanks to NFTs. According to CEO Chris Lin, the platform will not necessitate a crypto wallet for participation. Users will be able to attach privileges to their digital cards, and there will also be options for gifting.
This journey of Legend comes after the successful creation of Autograph, a sports NFT platform, by NFL star Tom Brady. Surprisingly, the founder went on to create his own NFTs on the platform to become one of its popular faces. We still know only scarcely about the financial aspect of this venture. However, it is worth mentioning that the pop singer has made investments in Advntr, MycoWorks, Walker & co. Beauty Products, Rocean Water Pods, and Thrive Market.