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.
Community-Based Music Platforms Vs. Streaming 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.”
Bringing a community feel to a music platform may help artists to overcome the problems that typically occur on the major streaming platforms, which have been dominating 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, like SoundCloud, have adopted a more community-centric approach, letting their fans drop comments and send direct messages to their favorite creators, but they still suffer from major problems with the transparency of monetization options and policies.
An Important Step for 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). The app has compatibility with Etherum, Thundercore, and the Binance Chain.
While creating NFTs through smart contracts might be challenging for a lot of artists, OurSong provides a user-friendly interface and also takes custody of NFTs minter in-app. As a result, the NFT platform already has more than 150,000 active 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. Meanwhile, creators on OurSong are able to request payouts to their desired crypto wallet.
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.