Why John Legend’s New NFT Platform is in the news?

OurSong: John Legend’s New NFT Platform

John Legend, who is a famous American singer and songwriter, and a 12-time Grammy Award-winning artist, is the latest celebrity to come on board with non-fungible tokens (NFTs). He has recently collaborated with Our Happy Company to launch OurSong: an NFT platform. The “All of Me” singer has created a stir online with fans discovering his new collaboration.

According to its official website“ OurSong (John Legend’s New NFT Platform) is a social commerce platform where everyone can turn everyday creativity into tradable assets and build superfan communities. In plain English “an app for your ideas to make money and friends.”

OurSong is a new NFT platform whose objective is to build a community for artists and digital art creators. The platform wishes to promote these talents so that fans can easily spot them and the artists in turn could monetize their art. OurSong is a social platform that would be a prospective space for musicians, enabling them to make exclusive digital covers and making unique audio clips to be exclusively accessible for fans.

Users can conveniently use the NFT platform to search for fresh artists. They can access the platform to not only explore unreleased music clips of these creators but also use private chat rooms to have one-on-one interactions with them.

John Legend is collaborating with Chris Lin, CEO of KKBOX, a Taiwanese music service provider, Matt Cheng, a venture capitalist, and Kevin Lin, co-founder of Twitch to launch the NFT platform, OurSong.

Transactions on John Legend’s New NFT Platform 

OurSong is a music-based NFT platform and is built on blockchain technology. The transactions are executed by using cryptocurrencies. OurSongDollars (OSD) is the platform’s native cryptocurrency. Collectors can purchase OSDs by using credit and debit cards. After the purchase of these cryptos, the balance will be reflected in the blockchain in the crypto wallet of a user. The OurSong app can be downloaded from the Google Play Store or Apple’s App Store.

Enabling artists to convert their art into NFTs

Another objective of the platform is to help upcoming artists and musicians to convert their art/ works into digital art/ NFT cards known as “Vibes”. “Creators can create Vibes by contributing songs, lyrics, images or other materials,” as per the statement of the website. These could be bought by buyers thereafter.

John Legend joining the league

Many celebrities are already exploring NFTs and using these to sell their work and connect to fans. John Legend is only a recent addition to the league of musicians and celebrities already investing in NFTs. Some of the popular names are Eminem, Snoop Dogg, Justin Bieber, and Shawn Yue Man-lok, a singer and songwriter based in Hong Kong. Big fashion houses like Balenciaga, Louis Vuitton, Gucci have also joined the NFT space.

The growing popularity of NFTs

More and more people are talking about NFTs and the conversations around them have only increased with time. Fans are getting crazy for the entire NFT hype and influential celebrities, entrepreneurs, and brands are using NFTs to monetize their work and products. Celebrities are utilizing various opportunities to change their pieces of art into these tokens and artist John Legend is the recent one to do so.

Fans are happy to hear about his collaboration with Our Happy Company for the project. According to John Legend: “NFTs hold so much promise in ushering in the next generation of singers, songwriters, photographers, artists, and more.”

People across the globe went berserk when artist Kevin Abosch sold the picture of a potato for $1.5m. He also reportedly sold his blood on the blockchain. There are innumerable ways affecting the use of NFTs. These are electronic tokens that grant verified and exclusive ownership of digital collectibles to people.

Existing since 2017, the technology has now become a part of transactions involving digital collectibles and currencies. From old videos to important pieces of artwork, music, paintings, tickets, etc., the NFT craze has gained unimaginable attention and more celebrities and fans are now engaging with these tokens.

The relevance of NFT is increasing at a rapid pace. The blockchain is a secure and decentralized network that can be accessed globally. It has paved the way for the empowerment of artists and creators, giving the scope of immense wealth generation. A noteworthy advantage of NFTs is that anything and everything digital can be changed into an NFT, be it a piece of art or an app.

Some sectors that would witness the maximum influence of NFTs are social media, commerce, decentralized Finance (De-Fi), gaming, streaming, entertainment, social media, etc. When crypto and the NFT marketplace are combined, it would ensure diversified portfolios to investors and empower creators who deserve their due credit while eliminating the middle man. It will be exciting to see how far NFTs will impact transactions in the future.